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Free AccessApril Manufacturing Plunges, April Floods as Key Driver
SOUTH AFRICA APRIL MFG PRODUCTION SA -5.4% M/M (FCST -2.0%); MAR +0.3%r M/M
SOUTH AFRICA APRIL MFG PRODUCTION NSA -7.8% Y/Y (FCST -3.5%); MAR -0.6%r Y/Y
- The April print saw a substantial slump in South African manufacturing production, contracting at over double the pace of the forecasts. On the month, manufacturing fell by 5.4%, following the modest 0.3% uptick in March, whilst on the year the 7.8% dive accelerated from the 0.6% contraction in March. The year-on-year reading is the fastest fall since October 2021.
- The key downwards driver in April 2022 compared to 2021 was motor vehicles and associated products, which nosedived 28.6% y/y, followed by petroleum down 10.3% y/y and food down 3.7% y/y.
- Negative contributions compared to the month prior were led by wood products down 6.3% m/m, vehicles down 3.3% m/m and metals down 2.1% m/m.
- The severe flooding in the KwaZulu-Natal region in April caused significant damage to infrastructure and was a key driver of the fall in production as certain industries came to a standstill.
Source: Statistics South Africa
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