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South Africa's private sector activity shrinks in October

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Staff Writer | November 3, 2017
South Africa
Africa   Markit and Standard Bank

South African private sector activity shrank further in October as output and new orders fell, although the rate of deterioration in business conditions eased from September.

The Standard Bank Purchasing Managers' Index (PMI), compiled by Markit, rose to 49.6 from 48.5 in September, staying below the 50 mark that separates expansion from contraction.

"The continued deterioration in the economy-wide PMI is reflective of weak domestic economic activity alongside depressed business and consumer confidence," Standard Bank economist Thanda Sithole said.

"The decline in the PMI is likely to persist in the near term amid continued domestic political turmoil and a bleak fiscal and economic outlook reflected in the medium term budget policy statement."


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