South African private sector PMI best since August 2022
The S&P Global South Africa PMI rose to 51.6 in April from 50.8 in March and 50.0 in February.
Black News 
The South African private sector purchasing manager’s index (PMI) rose to its best level since August 2022. The increase was despite the turbulence caused by the Middle East conflict.
The S&P Global South Africa PMI rose to 51.6 in April from 50.8 in March and 50.0 in February.
This confirmed the rise in the South African manufacturing PMI. This jumped in April to 52.6 from 49.0 in March and 47.7 in February.
April components
The April improvement was due to a rebound in both business activity and new sales orders. This may be due to front-loading of demand ahead of expected price increases and supply disruptions.
The result was that production jumped to an 11-month high. This was prompted by the fastest increase in new orders in over 18 Months. Businesses are worried how the closure of the Strait of Hormuz will impact crucial inputs such as helium.
Inventories are already very low. The South African Reserve Bank reported that the inventory to gross domestic product (GDP) ratio fell to a record low of 5.1% in the fourth quarter 2025. The annual average was only 5.5% in 2025 from 5.8% in 2024, 6.1% in 2023 and is substantially below the 14.1% ratio in 2008.
The acceleration in production saw the best employment growth since September 2022. Formal non-farm employment fell by 3.2% between the third quarter 2023 and the fourth quarter 2025. Any rebound in employment is therefore very welcome.
The downside was that supply chain disruptions lengthened supplier delivery times. Lead times are now the longest in more than 18 Months.
Prices
The increase in diesel, petrol and liquefied natural gas prices caused by the closure of the Strait of Hormuz has had a local impact.
Input prices jumped to a 30-month high.
Consequently, output prices rose at the fastest pace since August 2024.
