June manufacturing output improves by 4.5%

Statistics South Africa’s latest data show manufacturing output edging up 4.5% in June, an improvement on the 3.9% increase in May and the 3.2% increase in April. However, while the increase is positive, likely to contribute to a modest boost in gross domestic product (GDP) growth and higher than the market's forecast of slower growth of 3.1%, the underlying growth momentum remains relatively subdued.