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- Brisk growth in the Eastern Cape vehicle manufacturing industry rescued
the province from the depths of recession during May. The Eastern Cape barometer lifted 2% year on year, led by car manufacturing with a
46% year-on-year rise.
But month on month the barometer contracted 2.2%.
The manufacturing industry recorded healthy growth of 13% year on year, and 0.6% month on month.
Motor vehicle manufacturing makes up 45.8% of the manufacturing index, and this reflects its significant role in the economy of the Eastern Cape.
Economists.co.za
chief economist and compiler of the Sake24 and BoE Private Clients provincial
barometers Mike Schüssler said the Eastern Cape experienced the deepest recession
of all the provinces, and its rapid recovery is thanks to the vehicle
industry.
But he cautioned that the current growth rate in car manufacturing cannot continue.
- Sake24.com
