Standard Bank PMI improves to 51.4 in February

For the first time in 11 months, business activity expanded in the South African private sector in February, with the Standard Bank Purchasing Managers Index (PMI) increasing from 49 in January to above the crucial 50-point mark, at 51.4 points. This was after being in contraction for six months. This, Standard Bank’s PMI report highlighted, was driven by product diversification, coupled with an increase in new projects.