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Manufacturing output down 3.5% year on year in November

Nedbank says 2021 may be slightly better.
Image: Luke Sharrett, Bloomberg

South Africa’s manufacturing output fell 3.5% year on year in November after falling by 3.4% in October, the statistics agency said on Tuesday.

Factory production was down 1.3% in November month on month and rose 8.9% in the three months to end-November, Statistics South Africa said.

Nedbank’s Group Economic Unit stated that global demand also deteriorated over the final quarter of last year, with many advanced countries returning to some form of lockdown in response to the resurgence in Covid-19 cases. The softer global conditions probably continued to weigh on output in December.

“Looking ahead, 2021 will probably be slightly better, provided the virus is somewhat contained and the country avoids a complete shutdown of economic activity. Other downside risks include the resumption of load-shedding and potential trade-restrictions from our major export partners,” the bank unit added.

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