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BusinessLive reports that manufacturing production declined for a fifth consecutive month in October, figures from Stats SA revealed on Tuesday.
The October fall of 0.8% from the same month in 2018, reveals a series of contractions not seen since the global recession, when manufacturing shrank for 14 consecutive months between October 2008 and November 2009. For the year to date, manufacturing activity recorded a decline of 0.2%. According to Statistics SA, seven of the 10 manufacturing divisions reported negative growth rates year-on-year. The largest negative contributions came from the wood and wood products, paper, publishing and printing division; the basic iron and steel, non-ferrous metal products, metal products and machinery division; textiles, clothing, leather and footwear; and glass and non-metallic mineral products. A significant positive contribution was made by the food and beverages division, which rose 4%. Intense load-shedding by power utility Eskom has contributed to worry that electricity shortage could mean that SA’s economy contracts for the fourth quarter of 2019, after it shrank 0.6% in quarter three. Two consecutive quarters of contraction would constitute a technical recession.
- Read the full original of the report in the above regard by Lynley Donnelly at BusinessLive
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