South Africa’s manufacturing output fell three.5% yr on yr in November after falling by three.four% in October, the statistics company mentioned on Tuesday.
Manufacturing unit manufacturing was down 1.three% in November month on month and rose eight.9% within the three months to end-November, Statistics South Africa mentioned.
Nedbank’s Group Financial Unit acknowledged that world demand additionally deteriorated over the ultimate quarter of final yr, with many superior international locations returning to some type of lockdown in response to the resurgence in Covid-19 instances. The softer world situations most likely continued to weigh on output in December.
“Trying forward, 2021 will most likely be barely higher, supplied the virus is considerably contained and the nation avoids an entire shutdown of financial exercise. Different draw back dangers embody the resumption of load-shedding and potential trade-restrictions from our main export companions,” the financial institution unit added.