South Africa's manufacturing output increased for the second successive month in May, defying economists' forecast for a decline, preliminary figures from Statistics South Africa showed Thursday.

Manufacturing production advanced an unadjusted 2.3 percent year-over-year in May, faster than the 1.0 percent rise in April. Meanwhile, it was expected to fall by 1.0 percent.

The overall growth in May was driven by higher production of food and beverages, petroleum, chemicals, rubber and plastic products, motor vehicles, parts and accessories and other transport equipment.

On a monthly basis, manufacturing production rebounded a seasonally adjusted 1.5 percent from April, when it dropped by 0.5 percent.

by P2PNews Staff Writer

Forex NewsBB

Image Credit: P2P Media