Manufacturing production in South Africa increased by 2.3% YoY in July, missing market expectations of a 4.4% increase. That follows a revised 5.5% increase in the prior month. While this is the fourth consecutive month of growth, it is at a modest pace, partly due to the fading of low-base effects from the previous year. On a seasonally adjusted monthly basis, manufacturing output declined by 1.6% in July, contrary to market expectations of a 0.5% increase.