Absa PMI rises for the first time in 3 months

South Africa’s seasonally adjusted Absa Purchasing Managers’ Index (PMI) rose in November, supported by an uptick in new orders and business activity, a survey showed on Monday.

The index, which is compiled by the Bureau for Economic Research and gauges manufacturing activity in Africa’s most industrialised economy, rose to 49.5 in November from 42.4 in October, just missing the 50-mark separating contraction from expansion.

The index stood at a revised 44.5 in September, and 43.4 in August. It stood at 51.5 in July.

“Going forward, a likely significant fuel price decline on Wednesday may bring further relief for producers in December,” it said in a statement.

South Africa’s energy department said over the weekend that the petrol price will decrease by 184 cents a litre, while wholesale diesel price to decrease by 147.4 cents a litre from December 5.