FX.co ★ South Africa Factory Output Posts Surprise Decline

In November 2025, South Africa's manufacturing output experienced a 1% decline compared to the same month the previous year. This downturn followed an upward revision of a 0.4% increase in October and defied analysts' predictions of a 0.2% rise. This was the first monthly decrease in factory activity since August, driven primarily by significant reductions in wood and wood products, paper, publishing, and printing sectors (-7.9%), as well as basic iron and steel, non-ferrous metal products, metal products and machinery (-2.5%), and the motor vehicles, parts, and accessories and other transport equipment sector (-4.4%). On a month-to-month basis, with seasonal adjustments, output contracted by 1.1% in November, reversing a 1% increase seen in October. However, when examining the three-month period leading up to November 2025, seasonally adjusted manufacturing production showed a 0.6% increase compared to the preceding three months.