South Africa Manufacturing Output Growth Slows Unexpectedly

South Africa’s manufacturing production growth eased unexpectedly in October, data from Statistics South Africa showed on Thursday.

Manufacturing output advanced 1.0 percent year-over-year in October, slower than the 2.9 percent rise in September. Meanwhile, economists had forecast growth to improve to 4.5 percent.

The overall growth in October was largely due to more production of basic iron and steel, non-ferrous metal products, metal products and machinery, motor vehicles, parts and accessories, and other transport equipment.

Meanwhile, the largest negative contribution was made by the petroleum, chemical products, rubber, and plastic products divisions.

On a monthly basis, manufacturing production declined 6.3 percent in October, reversing a 5.0 percent rise in September. It was the first decline in four months.