Business activity in South Africa’s manufacturing industry fell to a 14-month low in September as electricity-supply constraints in the continent’s most industrialised economy disrupted operations. A gauge tracking business activity declined to 38.5 from 50.6 in August, Absa said on Monday. Muted factory activity contributed to a decline in the overall purchasing managers’ index, which dropped to 48.2 from 52.1 in the prior month, the Johannesburg-based lender said. "Overall, the PMI results do not bode well for a strong recovery in actual manufacturing production from a bleak second quarter," Absa said. The Absa purchasing managers’ index is compiled by the Bureau for Economic Research.

Source: News 24 October 04, 2022 06:11 UTC