Statistics South Africa released data indicating that manufacturing production decreased by 2.4% in September compared to the same period last year.
On a month-on-month basis factory production also decreased 2.4% in September and contracted by 0.9% on a quarterly basis, Stats SA said.
Nine in 10 divisions in the industry reported negative growth, with sector leaders blaming among other factors, failure to produce at full capacity due to insufficient demand.
Stats SA added that the largest negative contributions were recorded in basic iron and steel, non-ferrous metal products, metal and chemical products.
Meanwhile President Cyril Ramaphosa is wrapping up the investment conference in Soweto, where discussions are being held about the interventions needed to empower small business and entrepreneurs.
#Manufacturing activity shrank for the fourth month in a row in September, falling by 2,4% y/y. A 4,8% drop in iron, steel and machinery was the biggest drag on overall #production.— Stats SA (@StatsSA) November 7, 2019
Listen here for more: https://t.co/x65g4cR8uc #StatsSA