Views Article – Sharenet Wealth

Africa, News

South Africa’s Absa PMI expands at faster pace in February

JOHANNESBURG, March 1 (Reuters) – South Africa’s seasonally-adjusted Absa Purchasing Managers’ Index (PMI) expanded at a faster pace in February compared with January, supported by an increase in new sales and business activity, a survey showed on Monday.

The index, a gauge of manufacturing activity in Africa’s most industrialised economy, rose to 53.0 points in February from 50.9 points in January, remaining above the 50-point mark that separates expansion from contraction.

“The most encouraging outcome of the February survey was a continued improvement in new sales orders. … The improvement was supported by better export sales relative to the previous month, while the loosening of local lockdown restrictions likely also contributed to an uptick in domestic demand,” Absa said in a statement.

“The improvement in orders supported an increase in the business activity index.” (Reporting by Olivia Kumwenda-Mtambo Editing by Alexander Winning)

© 2019 Thomson Reuters. All rights reserved. Reuters content is the intellectual property of Thomson Reuters or its third party content providers. Any copying, republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters shall not be liable for any errors or delays in content, or for any actions taken in reliance thereon. "Reuters" and the Reuters Logo are trademarks of Thomson Reuters and its affiliated companies.