Surveys

Absa Manufacturing Survey Documents

After averaging a meagre 17 in the first half of 2023, manufacturing business confidence increased by 6 points to 23 in 2023Q3. While an improvement, this still implies that almost 8 out of 10 respondents were not satisfied with prevailing business conditions. In addition, the latest confidence reading was somewhat lower than during the corresponding period last year.

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Following a nine-point drop in Q1, the latest Absa Manufacturing Survey shows that manufacturing business confidence remained unchanged at 17 points in 2023Q2. While not as poor as the record-low 5 points reached during the strictest time of SA’s COVID-19 lockdown in 2020Q2, the current level is less than half of the long-term average level of 39.

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The South African manufacturing sector experienced a tumultuous 2022, with numerous shocks and load-shedding keeping the sector from generating any real recovery momentum. The latest Absa Manufacturing Survey results suggest that the sector continued to struggle in the first quarter of 2023. Business confidence among manufacturers fell by a significant 9 points to 17 in 2023Q1.

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The South African manufacturing sector experienced a tumultuous 2022, with numerous shocks and load-shedding keeping the sector from generating any real recovery momentum. The latest Absa Manufacturing Survey results suggest that the sector continued to struggle in the first quarter of 2023. Business confidence among manufacturers fell by a significant 9 points to 17 in 2023Q1.

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