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Manufacturing production declined by 5,4 percent in March, marking the 10th consecutive month of contraction.
The figures released yesterday by Stats SA shows that the biggest negative contributors were the basic iron and steel producers, having declined by 8,5 percent. This was followed by the petroleum and chemical products industry and the motor vehicles and transport equipment manufacturers.
Overall declines were broad-based — across a range of categories, except for food and beverage which increased by 1 percent, noted Investec economist Lara Hodes. Production in March declined 1,2 percent compared to February. Manufacturing production for the first quarter of the year declined 2,1 percent, compared to the fourth quarter of 2019, Stats SA indicated.
“Nine of the 10 manufacturing divisions reported negative growth rates over this period,” the report read.
Hodes said the declines in the sector reflected the “depressed” economic situation. – fin24.com
Online Reporter