South Africa Manufacturing Output Expands 0.7%, Less Than Forecast

(RTTNews) - South Africa's manufacturing output grew for the third straight month in December, though at a slower-than-expected pace, data from Statistics South Africa showed on Thursday.

Manufacturing production advanced 0.7 percent year-over-year in December, slower than the 2.5 percent increase in November. Economists had also forecast a 2.5 percent rise for the month.

The positive contributions to the annual increase were petroleum, chemical products, rubber and plastic products, wood and wood products, paper, publishing and printing, food, and beverages.

On a monthly basis, manufacturing production decreased 1.7 percent from November, when it advanced by 1.2 percent. Meanwhile, it was expected to gain by 0.5 percent.

During the whole year 2023, total manufacturing production increased by 0.4 percent compared with 2022.