Guest - Thanda Sithole, FNB Senior Economist.

Manufacturing output (not seasonally adjusted) expanded by 1.9% y/y in June, after increasing by 0.7% (previously 0.5%) in May. Prior to May and June, manufacturing recorded an average monthly annual decline of 2.6% between November 2024 and April 2025, reflecting subdued domestic demand.

Seasonally adjusted manufacturing production was flat (0% m/m) in June, following 2.2% growth in May. The full 2Q25 manufacturing data suggests that the sector contributed positively to GDP growth, based on 1.6% quarterly growth. Kaya 959 · Kaya FM