The largest positive contributors were:coal ;Investec economist Lara Hodes said that sentiment in the global manufacturing industry has strengthened, driving a need for industrial metals.
“Domestically, although improvements have been made in a number of areas, the mining sector continues to face key challenges, including significant water infrastructure challenges and the poor state of our roads and railways, which continues to impede optimal activity and export potential,” said Hodes.
Like the mining data, seasonally adjusted manufacturing data still dropped on a monthly basis, declining by 0.3% in Februray 2024. According to FNB Economics, despite the persistent challenges, the manufacturing sector has shown “remarkable resilience”.
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