South Africa’s factory output growth slower than expected in Jan

By bne IntelliNews March 16, 2010
South Africasfactory output grew slower than expected in Jan, data showed, leaving room fora possible interest rate cut in March. Manufacturing is a key economic driver.Factory production rose 3.7% in Jan, falling against Decembers by 0.6%, StatsSA said. The ruling ANCs allies will probably use the weak factory data toback their calls for more rate cuts this year. National treasury expects theeconomy to expand by 2.3% this year, but unemployment of about 25% remainscritical. Head of fixed income at Investec Asset Management, Andre Roux, said afurther rate cut cannot be ruled out when the monetary policy committee meetslater this month.

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