South Africa’s manufacturing output shrunk by 1,1% year-on-year in March from an upwardly revised 3,9% expansion in February, official data showed on Thursday, partly weighed down by higher interest rates. Compared with February, manufacturing production in volume terms contracted by a seasonally adjusted 4% in March.
South Africa’s economic confidence fell to a five-and-a-half year low in April, weighed down by expectations of slower growth, higher inflation and a longer cycle of tighter monetary policy, a poll showed on Thursday. The monthly survey of 20 economists showed the Reuters Econometer dived to 207,50 last month, its lowest since November 2002.
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/ 29 November 2007
Growth in demand for credit from South Africa’s private sector eased marginally to 22,27% year-on-year in October, but remained high, keeping up pressure on the central bank to raise interest rates again. Central bank data showed on Thursday credit growth slowed from 22,46% in September, while annualised M3 money supply was down at 23,39% from 24,94%.