{"id":67712,"date":"2024-06-03T17:20:12","date_gmt":"2024-06-03T17:20:12","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/all-news\/bad-news-for-south-africas-economy"},"modified":"2024-06-03T17:46:22","modified_gmt":"2024-06-03T17:46:22","slug":"bad-news-for-south-africas-economy","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/bad-news-for-south-africas-economy","title":{"rendered":"Bad news for South Africa\u2019s economy"},"content":{"rendered":"

Africa-Press – South-Africa. <\/strong><\/span>Sentiment among South African manufacturers slumped in May as businesses paused orders to await the results of last week\u2019s election.<\/p>\n

The Purchasing Managers\u2019 Index fell to 43.8 in the month \u2013 the third time it\u2019s been in contractionary territory this year \u2013 compared with 54 in April as business activity and new sales orders were hit by weaker demand, Absa said on Monday.<\/p>\n

Business activity and new sales orders contracted because of sluggish domestic demand, sustained high interest rates and low levels of credit extension, the lender said.<\/p>\n

Export sales also declined in May due to supplier problems in Europe and delays in deliveries of inputs, it said.<\/p>\n

Purchasing managers were more optimistic about business conditions going forward. The index that measures expected business conditions in six months\u2019 time rose to 57.6 in May from 55.7 in April.<\/p>\n

Manufacturers surveyed were hopeful of a favorable election outcome and more upbeat about the global economic recovery, Absa said.<\/p>\n

South Africa\u2019s ruling African National Congress got less than 50% of the vote in the May 29 election, the first time it hasn\u2019t had a parliamentary majority since it came to power three decades ago.<\/p>\n

The party is in talks with opposition groups about potentially forming a coalition government.<\/p>\n

Other positive news contained in the PMI reading was that purchasing prices declined to the lowest reading in six months, reflecting easing cost pressures.<\/p>\n

That\u2019s good news for the central bank, which last week held its benchmark interest rate and said it sees inflation stabilizing at 4.5% \u2014 the midpoint of its target range \u2014 earlier than previously expected.<\/p>\n

For More News And Analysis About South-Africa<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Africa. Sentiment among South African manufacturers slumped in May as businesses paused orders to await the results of last week\u2019s election. The Purchasing Managers\u2019 Index fell to 43.8 in the month \u2013 the third time it\u2019s been in contractionary territory this year \u2013 compared with 54 in April as business activity and new […]<\/p>\n","protected":false},"author":84,"featured_media":67710,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,6],"tags":[274,315,275],"class_list":["post-67712","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-files","tag-africa-press","tag-africa-press-south-africa","tag-south-africa-2"],"yoast_head":"\nBad news for South Africa\u2019s economy - South Africa<\/title>\n<meta name=\"description\" content=\"Sentiment among South African manufacturers slumped in May as businesses paused orders to await the results of last week ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/bad-news-for-south-africas-economy\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bad news for South Africa\u2019s economy\" \/>\n<meta property=\"og:description\" content=\"Sentiment among South African manufacturers slumped in May as businesses paused orders to await the results of last week ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/bad-news-for-south-africas-economy\" \/>\n<meta property=\"og:site_name\" content=\"South Africa\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-03T17:20:12+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-03T17:46:22+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2024\/06\/sm_1717424056.8378.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"675\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/bad-news-for-south-africas-economy#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/bad-news-for-south-africas-economy\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Bad news for South Africa\u2019s economy\",\"datePublished\":\"2024-06-03T17:20:12+00:00\",\"dateModified\":\"2024-06-03T17:46:22+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/bad-news-for-south-africas-economy\"},\"wordCount\":278,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/bad-news-for-south-africas-economy#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2024\/06\/sm_1717424056.8378.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-South-Africa\",\"South-Africa\"],\"articleSection\":[\"all news\",\"files\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/south-africa\/all-news\/bad-news-for-south-africas-economy#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/bad-news-for-south-africas-economy\",\"url\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/bad-news-for-south-africas-economy\",\"name\":\"Bad news for South Africa\u2019s economy - 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