Manufacturing production in South Africa went up 0.3% year-on-year in January of 2019, after being unchanged in the previous month and missing market estimates of a 1.2% gain. Output growth continued to slow for food & beverages (2.9% vs 3.4% in December); motor vehicles, parts & accessories (0.6% vs 7%) and furniture and other manufacturing (2.9% vs 10.7%). In addition, production fell for electrical machinery (-9.2% vs -14.6%); glass and non-metallic mineral products (-4.7 % vs 7.8%); basic iron and steel products (-3.2% vs -2.8%). Conversely, output rebounded for textiles, clothing & leather (0.4% vs -2.5%); wood and wood products, paper & printing (0.6% vs -1.9%); petroleum, chemical products, rubber and plastic products (0.9% vs -2.9%) and radio, television and communication equipment (2.9% vs -8%). On a seasonally adjusted monthly basis, manufacturing output declined 2%, following an upwardly revised 1% rise in the previous month. Industrial Production in South Africa averaged 0.95 percent from 1974 until 2019, reaching an all time high of 18.50 percent in May of 1995 and a record low of -23.20 percent in April of 2009.
Industrial Production in South Africa is expected to be 1.30 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Industrial Production in South Africa to stand at 1.50 in 12 months time. In the long-term, the South Africa Manufacturing Production is projected to trend around 1.00 percent in 2020, according to our econometric models.