South Africa's manufacturing production increased at a faster rate in February, data released by Statistics South Africa showed Wednesday.
Factory production increased 4.1 percent on an annual basis in February, sharply faster than the 2.3 percent growth seen in January, which was revised down from 2.4 percent. Economists expected production to rise 2.7 percent year-on-year.
Food and beverages production climbed 8.9 percent annually in February, while clothing and footwear production rose 3.9 percent. There was a 0.8 percent annual growth in production of wood products and paper products during the month, and a 2.5 percent rise in petroleum, chemical products, rubber and plastic products during the month.
On a monthly basis, factory output increased a seasonally adjusted 2.8 percent in February, markedly faster than the 1.7 percent increase economists forecast. In the two months ended February, manufacturing output advanced 3.2 percent from the corresponding period a year earlier.
by RTT Staff Writer
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