South African business activity picks up for third straight month in July


Share post:

South African private sector activity growth sped up for the third straight month in July on improving new orders, output and employment numbers, a survey showed on Wednesday.

The S&P Global South Africa Purchasing Managers’ Index (PMI) rose to a 14-month high of 52.7 in July, up slightly from 52.5 in June. Readings above 50 indicate growth in activity.

New orders, output and employment registered the quickest rates of expansion since mid-2021.

“The South African economy remained firmly on the upside in July as businesses saw client demand improve,” said David Owen, economist at S&P Global Market Intelligence.

“(But) the current growth spurt in the economy may be short-lived, as businesses and households start to rein in spending to cope with inflation,” Owen added.

South Africa’s consumer and producer inflation are at multi-year highs, spurred by higher global commodities prices linked to the war in Ukraine and supply chain disruptions related to the Covid-19 pandemic.


Please enter your comment!
Please enter your name here


Related articles

Canada drops vaccine mandate for visiting pro athletes

Big news out of the Great White North as Canada made it official on Monday that it...

EU using Med countries like a refugee ‘parking lot’

ATHENS (AP) — Greece on Monday urged the European Union to lift movement restrictions for refugees recognized...

List of all 54 countries by population

Africa is the world’s second largest and second-most populous continent after Asia in both cases. FOR THE LATEST AFRICA...

Celestyal Grows North American Sales Team

Celestyal Cruises has announced the appointment of Jon Grutzner as vice president, business development – North America...
English English Somali Somali