Absa PMI crashes to all-time low as economic activity freezes

South Africa’s seasonally-adjusted Absa Purchasing Managers’ Index (PMI) contracted to its lowest ever in April with manufacturing activity forced to a standstill due to the coronavirus and a lockdown entering its sixth week.

The index, which gauges manufacturing activity in Africa’s most industrialised economy, fell to 5.1 points from 48.1 points in March, its lowest on record as a number respondents indicated that zero production took place during the lockdown.

The country has reported 6,336 cases of the coronavirus, with 123 deaths. Government implemented a nation-wide lockdown in late March, with restrictions seeing a swathe of business closed or operating at minimal capacity.