The ABSA Manufacturing PMI for South Africa decreased to 49.9 in January 2019 from 50.7 in the previous month, pointing to another contraction in factory activity. Four out of five measures of factory performance fell, led by new orders and business activity. "Despite the decline, the index remains 2 points above the average recorded in 2018 which suggests the sector started the year on a fairly solid footing", ABSA analysts said. Manufacturing PMI in South Africa averaged 51.06 from 1999 until 2019, reaching an all time high of 60.87 in April of 2002 and a record low of 35.09 in April of 2009.
Manufacturing PMI in South Africa is expected to be 47.00 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Manufacturing PMI in South Africa to stand at 52.00 in 12 months time. In the long-term, the South Africa Manufacturing PMI is projected to trend around 54.00 in 2020, according to our econometric models.