FX.co ★ South Africa Factory Activity Stages Surprise Recovery

South Africa’s manufacturing output increased by 1.1% year-on-year in July 2026, marking a recovery from the upwardly revised 1.7% contraction recorded in June and outperforming market forecasts of a 1.6% decline. The strongest positive contributions came from the food and beverages sector, which expanded by 4.1%, and the petroleum, chemical products, rubber and plastics sector, which grew by 3.2%. On a seasonally adjusted month-on-month basis, manufacturing production rose by 2.2%—the fastest pace since May 2025—following a downwardly revised 0.8% gain in the previous month.