Manufacturing production increased by 2.7% year-on-year in February compared to a revised 3.5% growth in January, Statistics SA said on Thursday. The figure was lower than expected. Standard Bank economists had anticipated a growth rate of four percent year-on-year for February.
Statistics SA said the 2.7% increase in manufacturing production in February 2010 was due to higher production in the motor vehicles, parts and accessories and other transport equipment division, the basic iron and steel, non-ferrous metal products, metal products and machinery, the petroleum, chemical products, rubber and plastic products division, the food and beverages and the radio, television and communication apparatus and professional equipment division.
These increases, however, were partially counteracted by decreases reported by the textiles, clothing, leather and footwear division, the furniture and 'other' manufacturing division, the wood and wood products, paper, publishing and printing division, the glass and non-metallic mineral products division and the electrical machinery division. Overall, manufacturing activity has shown a positive turn around in the last few months. Hire Resolve expects this momentum to continue. - Fin24.com