Wednesday, May 19, 2021

South Africa’s Absa PMI contracts in August

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Naija247news, Nigeria
Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

JOHANNESBURG (Reuters) – South Africa’s seasonally adjusted Absa Purchasing Managers’ Index (PMI) declined in August, as business activity and new sales orders slumped, a survey showed on Monday.

The index, which gauges manufacturing activity in Africa’s most industrialised economy, fell to 45.7 in August from 52.1 in July, falling below the 50-point mark separating contraction from expansion.

All of the five major subcomponents in the index were below the neutral 50-point mark.

“Respondents continued to be fairly downbeat about exports for a third straight month, while domestic demand likely also weighed on orders,” Absa said in a statement.

Reporting by Olivia Kumwenda-Mtambo

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