Manufacturing output registered its biggest year-on-year fall on record, figures showed yesterday, keeping the economy on course for its first recession in 17 years. The data will harden the case for more aggressive interest rate cuts this year. Stats SA said manufacturing contracted by 15percent in February, after a 12,9percent drop in the year to January, meaning the sector remains under acute pressure from depressed local demand and the global downturn. - Reuters
Manufacturing output registered its biggest year-on-year fall on record, figures showed yesterday, keeping the economy on course for its first recession in 17 years. The data will harden the case for more aggressive interest rate cuts this year. Stats SA said manufacturing contracted by 15percent in February, after a 12,9percent drop in the year to January, meaning the sector remains under acute pressure from depressed local demand and the global downturn. - Reuters
Record drop
Manufacturing output registered its biggest year-on-year fall on record, figures showed yesterday, keeping the economy on course for its first recession in 17 years. The data will harden the case for more aggressive interest rate cuts this year. Stats SA said manufacturing contracted by 15percent in February, after a 12,9percent drop in the year to January, meaning the sector remains under acute pressure from depressed local demand and the global downturn. - Reuters
Manufacturing output registered its biggest year-on-year fall on record, figures showed yesterday, keeping the economy on course for its first recession in 17 years. The data will harden the case for more aggressive interest rate cuts this year. Stats SA said manufacturing contracted by 15percent in February, after a 12,9percent drop in the year to January, meaning the sector remains under acute pressure from depressed local demand and the global downturn. - Reuters