by: Michele Vollaro | April 12, 2024
South Africa’s manufacturing output recorded an annual increase of 4.1% in February, marking positive growth after rising 2.9% in January. Despite a slight decline of 0.3% month-on-month in February, the annual trend reflects a recovery in the manufacturing sector, indicating a resilience of the economy against a backdrop of global and local challenges.
At the same time, business confidence in South Africa remained stable in March, with the South African Chamber of Commerce and Industry’s (SACCI) business confidence index remaining at 114.7, the same as February. This stability, despite local economic challenges, has been supported by positive international economic and trade relations and an increase in tourism on an annual basis.
These data underline the resilience and growth potential of South Africa’s manufacturing sector, which is trying to overcome challenges such as global market volatility and domestic issues, including energy disruptions and political uncertainties ahead of elections this coming will take place on May 29th.
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