The manufacturing sector, which contributes about 14% to GDP, is threatened by the prospect of continued load-sheddingBusiness sentiment will be in focus in the week ahead, with economists expecting the January outcome to remain muted amid waning optimism about the domestic economy.
Business confidence has been dampened by growing pessimism about SA’s economic growth prospects and the government’s ability to bring about structural reform. Investors are closely watching February’s budget statement for signs of the implementation of pro-growth policies and for the future of SA’s last remaining investment-grade credit rating by Moody’s Investors Service.
FNB economists said in a note on Friday that the January print for the Absa PMI is likely to be “dismal” as the local economy faces weak domestic demand and intermittent power outages which have affected production.
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