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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
SOUTH AFRICA
MNI (London)
SOUTH AFRICA MAY MANUFACTURING PROD -0.2% M/M (FCST +1.5%); APR -5.7%r M/M
SOUTH AFRICA MAY MANUFACTURING PROD -2.3% Y/Y (FCST -2.6%); APR -7.6%r Y/Y
- South African manufacturing fell 2.3% in May 2022 compared to May 2021, with auto and transport accounting for the bulk of the decline (-19.2% y/y), followed by wood products (-8.1% y/y), food and beverages (-4.1% y/y) and metals and machinery (-2.3% y/y). This was the third month in contractionary territory, despite being a softer decline from the -7.6%r y/y reading in April.
- The softer decline points towards some recovery following April flooding in the KwaZulu-Natal region, which saw auto production hit particularly hard.
- Strong growth was seen in the petroleum and chemicals category, which saw a 7.5% y/y increase in May on the back of surging commodity prices. This category, however, accounted for downwards pressure in the month-on-month print, which saw a modest contraction of -0.2%, significantly below the anticipated +1.5% m/m expansion.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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