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Browsing: South Africa’s private sector
- In July, South Africa’s private sector posted the quickest fall in output and new orders since March
- Official statistics show that the country’s inflation was at a near four-year low.
- Business confidence was however at the highest levels since February 2022.
As South Africa stepped into the second half of 2024, the country’s economy continued to face challenges, with the private sector contracting for the second month in a row.
The latest Purchasing Managers’ Index (PMI) report from S&P Global paints a complex picture—while the contraction deepened in July, there are also signs of optimism that could signal a brighter future.
A deepening contraction in South Africa’s private sector
The S&P Global South Africa PMI for July registered at 49.3, a slight decline from June’s 49.2. While the change may seem minor, it is significant as it marks the second month in a row that the PMI has remained below …