“South Africa’s purchasing managers’ index rose in January as a weaker rand may help boost exports and mining output resumed after strikes at platinum and gold mines, Kagiso Tiso Holdings said.
The seasonally adjusted index increased to 49.1 from 47.4 in November, Johannesburg-basedKagiso said in an e-mailed statement today. An index level below 50 indicates a contraction in factory output. The Bureau for Economic Research, based at the University of Stellenbosch near Cape Town, conducts the PMI survey for Kagiso.
“The apparent stabilization in the EU economy and the weaker rand exchange rate may have helped,” Hugo Pienaar, senior economist at the BER, said in the statement. “Unfortunately, the latest PMI results also contain some worrying developments.”
South Africa’s economy is slumping as concerns about growth in Europe, the U.S. and Chinasap demand…”
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