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Data released shows private sector economic activity fell for a third consecutive month in May, as rolling power cuts and inflationary pressures continued to weigh on business.
The S&P Global SA Purchasing Managers’ Index contracted 47.9 in May 2023 from 49.6 in April.
Business activity decreased amid a renewed drop in new orders.
The industry, construction, wholesale & retail, and services sectors all posted declines as demand was hindered by macroeconomic issues.
Consequently, companies reduced their purchasing activity. However, firms remained positive about the future, flagging an improvement in supply chain challenges.
