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South Africa Manufacturing PMI (Apr.)

The business activity indicator of South Africa’s manufacturing PMI crashed to just 5.1 in April, highlighting the severity of the country’s lockdown. With the lockdown now easing, conditions should improve this month. But the government’s plans make clear that the manufacturing sector will only come back slowly. The risks to our forecast for a 6.5% fall in GDP this year are skewed to the downside.

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