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Media release

Media release

From 49.8 In April, The #AbsaPMI Decreased To 49.2 Points In May 2023.

2 June 2023

The seasonally adjusted Absa Purchasing Managers’ Index (PMI) edged down to 49.2 in May 2023 from 49.8 in

April. In addition to the downbeat assessment of the current environment, respondents turned notably more negative about business conditions going forward.

“Cumulative load-shedding was roughly similar in April and May and likely did not weigh more/less on activity in May than the previous month. In all, the average index level of business activity in the first two months of the second quarter is below the first-quarter average. This suggests that the sector may once again detract from quarterly GDP growth after an expected expansion in the first quarter.” – @Miyelani Maluleke, Economist at Absa CIB. #AfricaExpertise

2 June 2023

The seasonally adjusted Absa Purchasing Managers’ Index (PMI) edged down to 49.2 in May 2023 from 49.8 in

April. In addition to the downbeat assessment of the current environment, respondents turned notably more negative about business conditions going forward.

“Cumulative load-shedding was roughly similar in April and May and likely did not weigh more/less on activity in May than the previous month. In all, the average index level of business activity in the first two months of the second quarter is below the first-quarter average. This suggests that the sector may once again detract from quarterly GDP growth after an expected expansion in the first quarter.” – @Miyelani Maluleke, Economist at Absa CIB. #AfricaExpertise