Manufacturing output falls sharply and unexpectedly in March

In more bad news for the country’s gross domestic product in the first quarter of 2024, manufacturing output fell sharply.

Manufacturing output fell sharply and unexpectedly in March as overall demand for manufactured goods remains weak. Manufacturing production decreased by 6.4% in March 2024 compared to March 2023.

Jee-A van der Linde, senior economist at Oxford Economics Africa, says a steep decline in the production of motor vehicles and associated products and metals and machinery explains most of the weakness in March.According to Statistics SA, seasonally adjusted manufacturing production plummeted by 2.2% in March compared to a 1.0% decrease recorded during February. On an annual basis, manufacturing output was down by 6.4% compared to an increase of 4.0% in February.

The largest negative contribution was made by the motor vehicles, parts and accessories and other transport equipment division .Van der Linde says the larger than expected drop in March’s seasonally adjusted manufacturing production implies a negative contribution to total gross domestic product at the start of 2024.

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