Manufacturing production in South Africa has fallen well short of market expectations and will hurt the upcoming GDP figures for Q1 2024.
Hodes said that the negative results were related to the ABSA Purchasing Managers’ index for March, which moved into contractionary territory , where the business activity and new sales orders’ indices dropped. “Growth should be supported by the improvement in load shedding intensity, which has stabilised since its peak last year, as well as a gradual increase in domestic demand.”
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