FX.co ★ South Africa Factory Activity Downturn Deepens

The seasonally adjusted Absa Purchasing Managers' Index (PMI) for South Africa dipped to 42 in November 2025, down from 49.2 the previous month. This points to a consecutive monthly contraction in the manufacturing sector, with November's decline being the steepest since April 2020. Within the index, four of the five primary components saw a decrease, although the employment indicator showed a slight improvement despite remaining in negative territory. According to Absa, November's PMI underscores the vulnerability of South Africa’s manufacturing sector, characterized by weakening domestic demand, stagnant exports, and continued sluggish production. This situation persists even as cost pressures diminish and initial improvements in logistics begin to surface.