South African manufacturing survey records decline in confidence in the third quarter

The confidence of South African manufacturers fell in the third quarter of this year, the latest quarterly Absa Manufacturing Survey has shown, with the index dropping two points to 26. The survey has an index that runs from zero (absolutely no confidence at all) to 100 (extreme confidence). “Although cost and stock pressures appear to be easing slightly, manufacturers are still faced with a tough operating environment,” noted Absa Relationship Banking Manufacturing Sector Head Justin Schmidt. “Many manufacturers felt that business conditions worsened during the quarter with loadshedding, high input costs and bottlenecks at [South African] ports all weighing on sentiment.”