简体中文
繁體中文
English
Pусский
日本語
ภาษาไทย
Tiếng Việt
Bahasa Indonesia
Español
हिन्दी
Filippiiniläinen
Français
Deutsch
Português
Türkçe
한국어
العربية
Abstract:South Africa's business activities has shown strong signs of recovery in February 2023, with the PMI reading which was released last week rising to 50.3 in February marking a significant improvement compared to the 49.8 recorded in the previous month.
By: Chime Amara
In a positive development for South Africa's economy, the country's business activity stabilized in February 2023, according to the Purchasing Managers' Index (PMI) released on Thursday.
The PMI, a gauge of private sector business activity, rose to 50.3 in February, up from 49.8 in January. Any reading above 50 indicates expansion in business activity, while a reading below 50 indicates contraction.
The rise in the PMI suggests that South Africa's economy may be starting to recover from the effects of the COVID-19 pandemic and recent unrest, which have taken a toll on businesses and the overall economy.
According to the survey, the main driver of the increase in business activity was the manufacturing sector, which saw a rise in output and new orders. However, the services sector remained weak, with business activity and new orders declining in February.
The survey also showed that employment in the private sector continued to decline, albeit at a slower pace than in previous months. This suggests that businesses are still cautious about hiring new employees, despite the stabilization in business activity.
Commenting on the PMI results, David Owen, an economist at IHS Markit, which compiles the survey, said: “The latest PMI data provide tentative signs of recovery for South Africa's private sector, with a return to growth in output and new orders registered in February.”
He further explained that the labour market remains a key concern, following the prolonged job losses which persisted for over eight successive months albeit at a softer rate. With this, the recovery in the private sector remains fragile, with businesses still reluctant to invest in new hires.
Despite the challenges facing the private sector, the stabilization in business activity is a positive development for South Africa's economy, which has struggled with low growth and high unemployment in recent years. If the trend continues, it could provide a much-needed boost to the country's economic recovery efforts.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
WikiFX, as a globally leading forex investment ecosystem service platform, has always been committed to providing fair and authoritative broker verification services for forex investors, while offering solid rights protection support for every victim of forex investment. On February 26, 2025, WikiFX once again launched its annual "3·15 Forex Rights Protection Day" event, aiming to empower forex investors to speak out and defend their rights through open, transparent, and robust means.
Nigeria’s oil and gas industry is experiencing a surge in investment, fueled by policy reforms and international collaboration, paving the way for continued energy expansion.
The global trade war is intensifying as countries continue to raise tariffs, aiming to protect their own economies while creating greater market uncertainty. In this tit-for-tat game, who is truly bearing the brunt?
Gold prices soared to an all-time high, nearing the key $3,000 per ounce threshold, as investors responded to heightened tariff uncertainty and growing expectations of monetary policy easing by the U.S. Federal Reserve.