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Media release

Media release

Absa Purchasing Managers' Index March 2023

3 April 2023

The seasonally adjusted Absa Purchasing Managers’ Index (PMI) ticked down slightly in March to 48.1 from 48.8 in February.

After a solid start to the year, this was the second straight month that the index pointed to a deterioration in business conditions in the manufacturing sector. Still, when considering the performance of the business activity index through the entire first quarter, it suggests that output could improve from the quarterly contraction recorded in the fourth quarter of 2022. On the other hand, domestic demand seems to be struggling, with some comments referring to local demand faltering due to load-shedding. Indeed, in contrast to business activity, the new sales orders index performed worse relative to the fourth quarter. This was despite the PMI’s index tracking export sales performing well through the first quarter and rising to an almost two-year high in March.

3 April 2023

The seasonally adjusted Absa Purchasing Managers’ Index (PMI) ticked down slightly in March to 48.1 from 48.8 in February.

After a solid start to the year, this was the second straight month that the index pointed to a deterioration in business conditions in the manufacturing sector. Still, when considering the performance of the business activity index through the entire first quarter, it suggests that output could improve from the quarterly contraction recorded in the fourth quarter of 2022. On the other hand, domestic demand seems to be struggling, with some comments referring to local demand faltering due to load-shedding. Indeed, in contrast to business activity, the new sales orders index performed worse relative to the fourth quarter. This was despite the PMI’s index tracking export sales performing well through the first quarter and rising to an almost two-year high in March.