Textile And Garment Manufacturing Industry In South Africa Declined 8.5%
According to the data released by the National Statistical Office of South Africa (StatisticsSA), May 2011
manufacturing industry
Output grew slightly by 0.6% compared with the same month last year, although it was 0.2% better than that of the previous month, but it is not as good as 2.4% of private sector estimates.
Compared with the previous month, output increased by 0.4% over the previous month, which is also lower than that of private sector 1.4%.
In terms of cumulative performance, output from January to May increased by 2.7% over the same period last year.
Mainly
industry
Do not look at home appliances and communications (8.1%), basic metal manufacturing (5.9%), petrochemical
rubber
Class (3.1%) and motor
equipment
(2.3%) the growth trend is still maintained.
Textile clothing (-8.5%), food and beverage category (-4.2%), automobile and parts category (-3.4%), furniture manufacturing (-0.7%), wood paper making (-0.5%) and glass nonmetal (-0.4%) declined.
AbsaCapital economist JeffreySchultz pointed out that statistics show that the recovery of South Africa's manufacturing industry has been weak, and the recent strikes are frequent. We should take a conservative view of the third quarter's overall output and economic growth rate.
In the short term, the Reserve Bank of South Africa should not rush to raise interest rates.
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