South Africa Manufacturing Production Grows Less Than Forecast

(RTTNews) - South Africa's manufacturing production expanded for the first time in four months in July, though at a slower-than-expected pace, data from Statistics South Africa showed on Thursday.

Manufacturing output rose 3.7 percent year-over-year in July, reversing a revised 3.4 percent decrease in June. That was below the 4.0 percent increase expected by economists.

The recovery in July was largely driven by more production of food and beverages, motor vehicles, parts and accessories, and other transport equipment.

On a monthly basis, manufacturing production declined at a slower rate of 0.2 percent in August, following a 2.0 percent fall in July. The expected drop was 0.7 percent.

In the three months to July, manufacturing production was 4.2 percent lower compared to the preceding three-month period.