South Africa business activity rises for 4th straight month, PMI shows

South African private sector activity increased for a fourth consecutive month in November as firms took on more workers and grew more confident about the economic outlook, a survey showed on Wednesday.

The S&P Global South Africa Purchasing Managers’ Index (PMI) rose to 50.9 in November from 50.6 in October. A reading above 50 indicates growth.

The rise in employment came amid sustained growth in output and new orders, with surveyed panellists citing the positive impacts of higher demand and an improvement in market confidence.

“The current growth period has largely reflected a boost to confidence compared to the first half of the year, with falling inflation helping to raise demand and loosen monetary policy,” said David Owen, senior economist at S&P Global Market Intelligence.

“Based on October and November survey results so far, the economy should enjoy a robust expansion in the final quarter of 2024,” he added.

REUTERS