South African business activity shrinks solidly in January

Activity in South Africa's private sector in January contracted a its fastest pace since the end of 2021 as new orders fell due to rolling power cuts and weak economic conditions, a survey showed on Friday. S&P Global's South Africa purchasing managers' index (PMI) contracted to 48.7 in January from 50.2 in December. Readings below 50 indicate a contraction in activity.

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