SA manufacturing surprises market

PHOTO_MANUFACTURING_29_AM.jpg

Johannesburg, 29 June 2016 - Manufacturing grew by 0.6% in the first quarter, and hopes are pinned on South Africas fourth largest sector on being a more consistent growth engine for the countrys lagging economy.

JOHANNESBURG – Manufacturing has made a strong rebound in October, beating market expectations.

Data released by Statistics South Africa on Tuesday revealed manufacturing production growth of 2,2 percent, compared to a year earlier.

READ: Manufacturing sector to unveil plan to create 1 million jobs

This follows a contraction in September, year-on-year.

Main contributors to the positive numbers were food and beverages, metal products and machinery.

The sector was one of the main contributors to GDP growth of two-percent in the third quarter of 2017, along with a huge recovery in agriculture.