Sud Africa Pmi Composite

The S&P Global South Africa PMI fell to 48.4 in March 2024, down from 50.8 in February, indicating a moderate contraction in the country's private sector. New order volumes fell at the sharpest rate in over two years, after signs of stabilization in the prior month. Stronger price pressures, load shedding, drought conditions and wider economic uncertainty contributed to decreased customer demand. Orders from foreign clients, however, fell at the softest rate in eight months. As a result, output saw its swiftest contraction in 2024 so far. In March, there was an acceleration in price pressures, as companies noted increased supplier charges and rising fuel expenses. Consequently, output charge inflation rose to its highest level in five months. Nevertheless, both workforce numbers and inventories continued to expand. Firms also pointed to an easing of supply-side delays, amid reports that the port crisis in Durban was calming down. Lastly, expectations regarding future output weakened.