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SA's manufacturing production decreases by 2.4% - Stats SA

This comes after S&P Global on Wednesday hinted at a possible downgrade when the company releases data on its ratings review of the country this month.

President Cyril Ramaphosa addresses the second South Africa Investment Conference in Sandton, Johannesburg on 6 November 2019. Picture: @PresidencyZA/Twitter

JOHANNESBURG - President Cyril Ramaphosa’s investment conference has been dealt yet another blow after Stats SA revealed that manufacturing production decreased by 2.4% in September.

This comes after S&P Global on Wednesday hinted at a possible downgrade when the company releases data on its ratings review of the country this month.

Ramaphosa and government officials have been on an investment drive that ends on Thursday, as they push on trying to attract R1.2 trillion in investment in four years.

Ramaphosa beamed as he told prospective investors on Wednesday about the potential that the manufacturing sector in the country holds.

But Stats SA released data indicating that manufacturing production decreased by 2.4% in September compared to the same period last year.

Nine in 10 divisions in the industry reported negative growth, with sector leaders blaming among other factors, failure to produce at full capacity due to insufficient demand.

Stats SA said the largest negative contributions were recorded in basic iron and steel, non-ferrous metal products, metal and chemical products.

Ramaphosa is wrapping up the investment conference in Soweto, where discussions are being held about the interventions needed to empower small businesses and entrepreneurs.