BUSINESS DAY TV: There may be ‘a turnaround in 2017’
Barclays Africa economist Miyelani Maluleke discusses the persistent weakness in SA’s manufacturing sector even as activity picks up in other parts of the world
Miyelani Maluleke is an economist at Barclays Africa. BUSINESS DAY TV: The manufacturing sector ended 2016 on a bearish note with Barclays purchasing managers index (PMI) declining for the fifth month in a row. PMI fell to 46.7 index points in December and that’s down from 48.3 in November. And with weak local demand is the sector facing a further decline this year? Joining us with some of the detail is Miyelani Maluleke who is an economist at Barclays Africa. Miyelani ... so in the US and the eurozone we’ve got PMI coming in strongly sitting at above 54 points, in China we see that accelerating trend continue, SA remaining stuck below that 50 neutral mark, why are we so out of kilter? MIYELANI MALULEKE: Yes, absolutely, so we look at the global PMI trend especially towards the end of the year, it really has been strengthening, even in the UK where people are talking about how terrible Brexit could be. We saw very strong manufacturing activity but here in SA we continue to see weakn...
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