South Africa: Surge in Power Cuts Undermines Absa PMI in September, Manufacturing Output Likely Contracted in Q3

[Daily Maverick] The Absa Purchasing Managers' Index sank over 4 points in September as the level of rolling blackouts intensified, fuel prices spiked and demand sagged in the EU and UK. Worryingly, the business activity sub-index averaged 43.3 in the third quarter (Q3) compared to 48.1 in Q2. This suggests manufacturing output contracted in the quarter, a bad sign for the overall gross domestic product GDP read for the period.

Original URL: Click here to visit original article