South Africa’s Absa PMI rises in 3 months
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South Africa’s Absa PMI rises in 3 months

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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 rose to 49.5 in November from 42.4 in October, just missing the 50-mark separating contraction from expansion.

Index is compiled by the Bureau for Economic Research, and gauges manufacturing activity in Africa’s most industrialised economy.

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

“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.

Wholesale diesel price is to decrease by 147.4 cents a litre from Dec. 5.

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Updated on November 30, 2018 at 3:50 pm