Manufacturing production off to a good start in final quarter
A stronger than expected rebound is thanks mainly to food and beverages, and metal products and machinery
Manufacturing production got the final quarter of a tough 2017 off to a good start, as expected, posting growth of 2.2% for October from a year earlier, after a revised 1.7% year-on-year contraction in September. Compared with September, manufacturing production was up 0.7%, Statistics SA said on Tuesday. For the three months to October, output increased 0.8%, with only two of 10 subsectors showing positive growth in that period: petroleum, chemical products, rubber and plastic products, up 4.3%; and? basic iron and steel, nonferrous metal products, metal products and machinery, up 0.7%. For the year to date, however, manufacturing production has contracted 0.9%. The sector was one of the main contributors to the 2% growth rate the South African economy posted in the third quarter. Manufacturing posted growth of 4.3% compared with the second quarter, and contributed 0.5 percentage points to the gross domestic product (GDP) growth rate, Stats SA said last week. "The manufacturing sec...
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