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Manufacturing confidence levels fall sharply
The Bureau for Economic Research (BER) manufacturing business confidence index fell to 25 points in the second quarter of 2014 from 41 in the first quarter‚ with manufacturers at their most pessimistic since the fourth quarter of 2009.
Manufacturing confidence levels are at the worst level since 2009, increasing fears that SA is entering a recession. Image: Fotolia
The last time SA struck a recession was in 2009 and risks are again mounting that another recession may be on the cards.
"Domestic demand fell during the second quarter of 2014‚ with both the orders and sales volumes indicators declining from already subdued levels in the first quarter"‚ said BER economist Lisette IJssel de Schepper.
The protracted platinum mining strike exacerbated general local demand weakness‚ and the researchers were surprised that despite the relatively weaker rand exchange rate and improving global conditions‚ South African exporters seemed to be struggling to compete internationally.
Source: I-Net Bridge
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