Annual South African manufacturing output growth accelerated to 2.5% in January from December’s figure, which was revised down to 1.8% from the 2% Statistics SA originally published. This was less than Bloomberg economists’ predictions, whose consensus was 2.8% growth, but matched Investec’s forecast. The boost came from food and beverages, which grew 10.1%, contributing 2.5 percentage points to the total; basic iron and steel, nonferrous metal products, metal products and machinery, which grew 4.3%, contributing 0.8 of a percentage point; and motor vehicles, parts and accessories and other transport equipment, which grew 5.5%, contributing 0.3 of a percentage point, Stats SA reported on Tuesday. Investec economist Laura Hodes said: "Production was supported by the continued pick-up in global economic activity and trade, which is aiding export-orientated local manufacturers. Moreover, advance indications provided by the manufacturing purchasing managers indices have also suggested a...
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