Following a welcome uptick in the fourth quarter of 2025 (2025Q4), the latest Absa Manufacturing Survey reflected a renewed decline in manufacturing business confidence. Sentiment slipped from 39 to 30 index points in 2026Q1, again falling below its long-term average. The decline in sentiment is in line with a deterioration across many underlying indicators, though there are some silver linings, particularly in the forward-looking fixed investment indicators.
Read MoreManufacturing business confidence rose by a solid 16 points to 39 in 2025Q4. This was the best level since 2022Q1 and above the long-term average reading of 35 points. At the current level, almost four out of 10 respondents were satisfied with prevailing business conditions.
Read MoreAccording to the latest Absa Manufacturing Survey, business confidence in the factory sector declined sharply by ten points to 23 in 2025Q3. This follows a two-point decline in 2025Q1 and a one-point drop in Q2, suggesting that the pressure we saw in the sector in the first half of 2025 intensified in the third quarter. While there has been an improvement in the underlying activity and sales indicators, the recovery is not strong enough.
Read MoreAccording to the latest Absa Manufacturing Survey, business confidence in the factory sector slightly declined by one point to 33 in 2025Q2. This follows a two-point decline in 2025Q1, indicating that the manufacturing sector remained under pressure in the first half of 2025 as demand remains constrained. The subsector results were mixed, with five subsectors experiencing declining confidence levels, while three other subsectors saw improved confidence levels.
Read MoreAccording to the latest Absa Manufacturing Survey, business confidence in the factory sector declined by 2 points to reach a level of 34 in 2025Q1. Despite the slight decline in confidence in Q1, this remains one of the highest confidence levels in the last three years. The subsector results were mixed, with almost a half-half split in subsectors gaining or losing confidence.
Read MoreFollowing unchanged confidence in Q3, the latest Absa Manufacturing Survey showed that business confidence in the factory sector gained 8 points to reach a level of 36 in 2024Q4. This is the highest confidence level since 2022Q1; it is the first time in almost three years that confidence is above 30 points.
Read MoreManufacturing business confidence remained flat at 28 index points in Q3, the same as in 2024Q2 and the highest level in two years. Even though confidence remains below the long-term average of 36 points, activity remained severely constrained, and the unchanged confidence reading reflects some resilience in sentiment.
Read MoreFollowing a five-point drop in Q1, the Absa Manufacturing Survey showed that manufacturing business confidence gained 7 points to 28 points in 2024Q2. While it still remains below the long-term average of 36 points, this is the highest confidence level in about two years.
Read MoreAccording to the latest Absa Manufacturing Survey, business confidence in the South African factory sector declined again in 2024Q1. The underlying activity and demand data suggest that the sector started the year on the back foot.
Read MoreAccording to the latest Absa Manufacturing Survey, business confidence in the sector improved to 26 in Q4, from an average of 19 points in the first three quarters of the year. The improvement in the underlying activity data would have supported a more significant increase in confidence.
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