South Africa Manufacturing Production Grows Unexpectedly

(RTTNews) - South Africa's manufacturing output expanded for the second straight month in August, defying economists' forecast for a decline, data from Statistics South Africa showed on Thursday.

Manufacturing output advanced 1.4 percent year-over-year in August, following a 3.9 percent rise in July. Meanwhile, economists had forecast a 2.0 percent drop for the month.

The overall growth in August was largely due to more production of motor vehicles, parts and accessories, other transport equipment, basic iron and steel, non-ferrous metal products, metal products, and machinery.

Meanwhile, the largest negative contribution was made by the food and beverage division.

On a monthly basis, manufacturing production rose 2.1 percent from July, when it edged down by 0.1 percent. The expected increase was 0.8 percent.