A gauge measuring manufacturing sentiment in South Africa fell to the lowest level in more than two years because of weaker demand and constrained production. Both external and domestic demand for South African manufactured goods came under pressure in the month, the Johannesburg-based bank said. "On the domestic front, restrictive borrowing costs and perhaps also the sharp fuel price hikes at the start of September weighed on demand." Factory output also took a knock because of increased and more intense power outages in September. "For the entire third quarter, the business activity index averaged 43.3, down from an average of 48.1 in the second quarter," Absa said.

Source: News 24 October 02, 2023 16:02 UTC