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Data from FMP. Forecasts by Sigmanomics Forecast Engine.
South AfricaSouth Africa Manufacturing Production MoM climbed to 2.2% in July 2026
FMPMonthlyReleased September 2026
South Africa Manufacturing Production MoM climbed to 2.2% in July 2026, released September 2026, up 1.4% from June's 0.8% reading. The print exceeded the -0.7% consensus by 2.9%. The print is running well above the 12-month average of -0.21%. Over the past 3 months, Manufacturing Production MoM averaged 1.0%, vs -1.37% in the prior 3-month window. Manufacturing Production MoM is now the highest in 26 months.
Latest Release
2.2
Actual
-0.7
Consensus
0.8
Previous
Median Absolute Error
±1.65 percentage points
across last 12 releases
Last Call
Sep 2026
Predicted: -0.13
Actual: 2.2
Error: -2.33
Sigmacast Σ-direction model: consensus + ½ × mean(surprise, trailing 90d).
CORRELATED SYMBOLS— markets that historically move with this indicator
| Symbol | Direction | Correlation | Asset Class | Co-movement | Action |
|---|---|---|---|---|---|
| S&P 500 | ▼ Inverse | −0.42 | INDEX | Moves against | → View |
| XAU/USD | ▲ Direct | +0.27 | COMMODITIES | Moves with | → View |
| USD/ZAR | ▲ Direct | +0.26 | FOREX | Moves with | → View |
Correlation based on 12-month rolling window. Click any symbol to view its Sigmanomics forecast page.
THE RELEASE
Manufacturing Production MoM (South Africa) was reported at 2.2% in September 2026. This beat the market consensus of -0.7% by 2.9%. The reading rose from the previous value of 0.8%. Trailing 12-month context per ETL data through September 2026. Over the past 12 months, the indicator has averaged 0.22%, ranging from -2.7% to 2.2% across 11 releases.
WHY IT MATTERS
The trailing three releases averaged 1.4%, up from the prior three at -0.13%. Volatility over the past year (σ 1.37%) is comparable than the prior year (σ 1.29%). In September readings over the past 3 years, Manufacturing Production MoM has averaged 1.27%.
THE MODEL'S TAKE
Historically, this indicator is negatively correlated with S&P 500 (Bearish S&P 500). Over the last 12 releases, the Sigmacast model's median absolute error is 1.65%.
WHAT TO WATCH NEXT
The next release is scheduled for October 8, 2026. Same-country events in the next 14 days include Inflation Rate MoM (Sep 23) and Inflation Rate YoY (Sep 23).
Auto-generated from current model state · Refreshes on each release · Last update September 2026.
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Manufacturing Production MoM - ZA
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About Manufacturing Production MoM — South Africa
DEFINITION
Manufacturing Production MoM (Month-over-Month) is a key economic indicator that measures the change in the total output of goods produced by the manufacturing sector in a given month. This indicator provides valuable insights into the health and performance of the manufacturing industry, which is a crucial component of a country's overall economic growth. A positive change in Manufacturing Production MoM indicates an increase in production and can be seen as a sign of economic expansion, while a negative change may signal a decline in manufacturing activity. This indicator is closely monitored by investors, policymakers, and analysts to make informed decisions and forecasts about the state of the economy.
WHY THIS INDICATOR MATTERS
This release contributes to the broader macro picture used by cross-asset investors for positioning and risk management. The release is more useful as part of a longer-run signal than as a single-print catalyst. Released monthly.
WHAT CHANGED THIS MONTH
Latest reading (Jul 2026): actual 2.2 %, consensus -0.7 %. Prior reading (Jun 2026): 0.9 %. Before that (May 2026): 1.1 %.
WHAT'S NEXT
Sigmacast's 1-month forecast points to a materially higher reading versus the latest print, with the 3-month outlook reinforcing that direction. Both horizons are aligned bullish for this indicator, suggesting a consistent trend signal. Trend-driven dynamics are the primary tailwind in the current projection. This indicator correlates most strongly with S&P 500 (Bearish S&P 500, r=-0.42) — a useful reference for index-focused traders.
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EXPECTED ZONE
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Economic Calendar - ZA Events
| Wednesday, September 16, 2026 | Actual | Previous | Consensus | Sigmanomics Rolling-Surprise Forecast | Impact | ||
|---|---|---|---|---|---|---|---|
| 08:00 | ZA | Inflation Expectations | 4.2 | 4.4 | 4.40 | Low | |
| 11:00 | ZA | Retail Sales MoM | -0.6 | 0.7 | 1.65 | Low | |
| 11:00 | ZA | Retail Sales YoY | 1.6 | -3 | -2.70 | Low | |