Surprise uptick at factories
A recovery in agricultural output and the uptick in the mining sector could support demand going forward, BER economists predict
Manufacturing output rose by an unexpected 1.9% year on year in November, but the outlook for growth momentum and confidence remained grim, economists said on Thursday. This prompted the industry to reissue a call for a more patriotic private sector that would "come to the party" and make a concerted effort to buy goods locally. Philippa Rodseth, Manufacturing Circle executive director, said the government had shown the way by procuring such items as clothing and textiles, power lines and pharmaceuticals, among others, locally. Rodseth said the private sector needed to work towards a comprehensive "buying local" initiative. "We all need to support our local manufacturers…. This is vital to jobs and growth." Manufacturing contributes about 12.5% to national economic growth. A sub-component of the purchasing managers’ index — new sales orders — remained just above the neutral point. The suppliers’ performance sub-index fell to a historic low of 40.9 from 48 index points previously. Th...
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