JOHANNESBURG, April 2 (Reuters) – South Africa’s seasonally
adjusted Purchasing Managers’ Index fell to 55.1 in March from a
two-year high of 57.9 in February as business activity and new
sales orders declined, sponsors Kagiso Asset Management said on
Monday.
The business activity index made the largest negative
contribution, giving up 7.4 points to 57.8 while new sales
orders were down 5.1 points at 59.7, Kagiso said.
“Although remaining at a favourable level, the forward
looking indicators of the PMI also pointed to a somewhat less
optimistic outlook,” said Hugo Pienaar, senior economist at the
Bureau of Economic Research, which compiles the PMI.
The PMI, a key pointer to manufacturing activity, suggests
the second-largest contributor to South Africa’s gross domestic
product is still struggling despite recent signs the economy is
slowly recovering from a recession in 2009.
(Reporting by Stella Mapenzauswa; editing by David Dolan)
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