2023.06.0814:02:00UTC+00South Africa's Manufacturing Output Recovers More Than Forecast

South Africa's manufacturing output expanded for the first time in six months and at a faster-than-expected pace, data from Statistics South Africa showed on Thursday.

Manufacturing production rose 3.4 percent year-over-year in April, reversing a 1.8 percent decrease in March. Economists had forecast a 2.5 percent increase for the month.

The positive contributions to the annual increase were basic iron and steel, non-ferrous metal products, metal products and machinery, food and beverages, petroleum, chemical products, rubber and plastic products, motor vehicles, parts and accessories, and other transport equipment.

On a monthly basis, manufacturing production increased 0.5 percent from March, when it advanced by 3.4 percent. Meanwhile, it was expected to fall by 0.5 percent.