These are encouraging figures for the South African economy. Manufacturing output rose 2.9% in September compared to the same period last year.
This growth is largely due to the transport vehicle spare parts and accessories sector. But also to the food and beverage sector which grew by 8.1% in one year.
These data published by the country’s national statistics institute are good news for South Africa, whose economy has been at half mast for several years.
The continent’s leading industrial power is plagued by endemic unemployment at nearly 35%. And the government has pledged to bring inflation down to 5.1% in 2023, after the peak of 7.8% recorded in July, the highest for thirteen years.
The Central Bank has revised its growth estimates downward, expecting a slowdown to 1.3% for 2023, before a slight rebound to 1.5% in 2024.
South Africa ranks among the world’s leading producers of diamonds, gold and platinum. The country is also a major agricultural exporter.