By Reuters
Business activity in South Africa continued to weaken in February, but the pace of contraction slowed compared with the start of the year, a survey showed on Wednesday.
The S&P Global South Africa Purchasing Managers’ Index (PMI) rose to 49.0 in February from 47.4 in January, remaining below the 50.0 line that separates growth from contraction for the third consecutive month.
The rate of decline in output, new orders, employment and inventories all slowed down.
“February data signalled a partial recovery in economic momentum in South Africa,” said David Owen, senior economist at S&P Global Market Intelligence.
“This recovery appeared to be largely due to a softer contraction in business activity, as some firms experienced improved demand conditions and the resumption of projects.”
New orders fell for the third month, with wholesale and retail sectors experiencing the sharpest declines. Export sales also dropped, albeit at the slowest rate
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