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Bloomberg
Sentiment in South Africa’s manufacturing industry fell to the lowest level in more than a decade in February as the prospect of continued power cuts and concern about the global economy weighed on confidence.
That makes the recovery of an economy that the government estimates expanded at the slowest pace in 10 years in 2019 even more challenging.
Absa Group Ltd’s Purchasing Managers’ Index, compiled by the Bureau for Economic Research, dropped to 44.3 from 45.2 in January, the Johannesburg-based lender said. That’s the lowest level since August 2009.
The median estimate of three economists in a Bloomberg survey was 45.1.
Rolling blackouts weighed on Africa’s largest economy in the final quarter of last year.