{"id":12363,"date":"2012-07-13T00:32:20","date_gmt":"2012-07-12T22:32:20","guid":{"rendered":"http:\/\/www.myza.co.za\/07\/update-1-s-african-factory-output-unexpectedly-higher-in-may\/"},"modified":"2012-07-13T00:32:20","modified_gmt":"2012-07-12T22:32:20","slug":"update-1-s-african-factory-output-unexpectedly-higher-in-may","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/update-1-s-african-factory-output-unexpectedly-higher-in-may\/","title":{"rendered":"UPDATE 1-S.African factory output unexpectedly higher in May"},"content":{"rendered":"

\t\t<\/span><\/p>\n

* Food and beverages lead May growth<\/span><\/p>\n

<\/span><\/p>\n

* Factory output seen struggling in months ahead<\/p>\n

(Adds details, background, market reaction)<\/p>\n

<\/span><\/p>\n

JOHANNESBURG, July 12<\/span> (Reuters) – South Africa’s factory
\noutput grew above expectations in May compared with last year,
\nbacking the case for interest rates to stay unchanged at next
\nweek’s policy meeting, although the central bank may cut them
\nlater this year to buoy the economy.<\/p>\n

<\/span><\/p>\n

The Reserve Bank has kept rates at three-decade lows since
\nlate 2010 but some analysts believe it might have to give
\ndomestic growth more stimulus as a global downturn hurts exports
\nwhile inflation is seen staying within target until 2014.<\/p>\n

<\/span><\/p>\n

Growth in manufacturing production, which accounts for about
\n15 percent of GDP, outpaced forecasts at 4.2 percent
\nyear-on-year in volume terms in May, after rising by 1.1 percent
\nin April, Statistics South Africa said.<\/p>\n

<\/span><\/p>\n

The median consensus among economists polled by Reuters was
\nfor factory output to grow by 1.0 percent in May.<\/p>\n

<\/span><\/p>\n

But the outlook for the rest of the year remains gloomy,
\nwith sales to Europe, South Africa’s main trading partner,
\nwaning as the region struggles with the impact of its debt
\ncrisis.<\/p>\n

<\/span><\/p>\n

“(The May data) is encouraging but I don’t unfortunately
\nthink it’s very revealing about what lies ahead because the
\nglobal situation actually deteriorated so it catches us with a
\nlag,” said Nicky Weimar, a senior economist at Nedbank.<\/p>\n

<\/span><\/p>\n

“The third quarter is probably going to be weaker than this
\nnumber suggests.”
\n\u00a0 Continued…<\/strong><\/span><\/p>\n

<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

* Food and beverages lead May growth * Factory output seen struggling in months ahead (Adds details, background, market reaction) JOHANNESBURG, July 12 (Reuters) – South Africa’s factory output grew above expectations in May compared with last year, backing the case for interest rates to stay unchanged at next week’s policy meeting, although the central […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-12363","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/12363","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=12363"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/12363\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=12363"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=12363"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=12363"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}