FX.co ★ S&P Global South Africa PMI Declines to 48.4 in March 2024

South Africa's manufacturing sector witnessed a decline in the Purchasing Managers' Index (PMI) in March 2024, with the indicator dropping to 48.4. This downturn comes after the PMI had previously reached 50.8 in February 2024. The data, recently updated on 4th April 2024, highlights a setback in the country's manufacturing activities. A PMI figure below 50 typically indicates a contraction in the manufacturing sector, suggesting challenging conditions for businesses in South Africa in recent months. As global economic dynamics continue to evolve, keeping a close eye on key indicators like the PMI becomes crucial for understanding the state of the economy.