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Motor industry boosts SA factory output
According to Statistics South Africa, South Africa's manufacturing output grew by 7.7% year-on-year in volume terms in September compared with a revised 5.9% expansion in August, this is higher than the 4.8% year-on-year output growth in September, expected by Reuters-poll economists, Fin24.com reports.
Vehicle manufacturers contributed to the higher figure, said Gina Schoeman, senior economist at Absa Capital. "Vehicle manufacturers are very much to thank for the 7.7 y/y percent we saw, they accounted for more than half of the manufacturing production during the month." Peter Attard Montalto, emerging market analyst at Nomura, is reported by Fin24.com to have said the figure reflected "pent-up" demand.
"We are seeing a continued unwinding of pent-up demand post strike seasons in July and August and export growth has also shot up to 25-27% in recent months from just 10% over summer," Fin24.com quotes him as saying.
For more:
- Fin24.com:Motor industry boosts SA factory output
