South Africa's manufacturing production increased at a markedly slower pace in June, and missed economists' forecast, data released by Statistics South Africa showed Wednesday.
Production at South African factories rose 0.8 percent year-on-year in June, sharply weaker than the 3 percent gain economists had forecast. In May, the rate of growth was 4.4 percent.
The growth was influenced mainly by a 4.3 percent rise in output of petroleum, chemical products, rubber and plastic products, and a 2.6 percent gain in food and beverages. Production of wood and wood products, paper, publishing and printing were higher by 2.4 percent compared to a year earlier, data showed.
Compared to May, manufacturing output decreased 2.4 percent in June, while economists expected production to grow 0.4 percent.
In the January-June period, the volume of production moved up 1.5 percent from the corresponding period a year earlier, the agency said.
by RTT Staff Writer
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