South Africa
South African manufacturing activity expanded in December, a survey showed on Friday (Jan.06).
The Absa Purchasing Managers Index (PMI) rose to 53.1 points in December from 52.6 points in November.
Despite the apparent growth, the underlying picture is more mixed.
Indeed, persistent electricity disruptions partly due to the breakdown of power stations have affected Africa's most industrialized economy.
According to the official national statistics agency StatsSA, loadshedding, as it known locally, was a crucial contributor to the economy contracting by 0.7% in the second quarter of 2022.
The PMI index also warned of high likelihood of global supply chain disruptions due to an uptick in COVID-19 cases in China in the near-term.
The index compiled by the Bureau for Economic Research and sponsored by Absa, is based on the Purchasing Managers Index produced by the American Institute for Supply Management.
In September last year, South AFrica's Central Bank said the economy was forecast to expand by 1.4% in 2023.
01:02
Pics of the day: May 2, 2024
01:55
South Africa marks Freedom Day ahead of tough general election
02:20
South Africa to mark 30 years of freedom amid inequality and tense election ahead
Go to video
Repatriated South African apartheid-era artworks on display to celebrate 30 years of democracy
Go to video
Botswana rejects controversial UK proposal on asylum-seekers
01:13
Nigeria seeking $2.25 billion in World Bank loans