Headlines about the economy often focus on a single number. Recently, for example, Statistics SA reported that economic growth had increased by 5.6 percent for the fourth quarter of last year, and this was understandably the focus of media attention.
But careful scrutiny reveals a wealth of detail beyond the single number that do not always receive public attention.
Tuesday's release of the latest data on manufacturing provides a good example. Manufacturing is a key economic sector: in the fourth quarter of last year, it accounted for 16.3 percent of the economy, second in size only to finance, real estate and business services, which accounted for 19.7 percent. In this quarter, manufacturing grew 8.3 percent and contributed 1.4 percentage points to the overall economic growth of 5.6 percent.
Stats SA reported that seasonally adjusted manufacturing production for the three months to January rose 2.8 percent from the previous three months. But this single figure is based on considerable detail. For purposes of measurement, manufacturing is divided into 10 divisions.
Furniture and other manufacturing groups.
For each of these divisions and for the sector as a whole, Stats SA measures changes in manufacturing production, the sale of products and the value of those sales.
The 2.8 percent increase in manufacturing production for the three months to January was based on higher production levels reported by nine of the 10 divisions.
The petroleum, chemical products, rubber and plastic products division contributed 1.5 percentage points. It was followed by glass and non-metallic mineral products with 0.5 points; food and beverages (0.4 points); motor vehicles, parts and accessories, and other transport equipment (0.2 points); and textiles, clothing, leather and footwear; basic iron and steel, metal products, and machinery; and furniture and other manufacturing (0.1 points each).
Sales of manufactured products rose 3.6 percent, or R9.145 billion, after seasonal adjustment. Higher manufacturing sales were reported by all 10 manufacturing divisions.
This increase was mainly due to the glass and non-metallic mineral products division, where sales rose 9 percent or R668 million; petroleum, chemical products, rubber and plastic products (4.5 percent or R2.344 billion); motor vehicles, parts and accessories, and other transport equipment (4.5 percent or R1.873 billion); food and beverages (3.5 percent or R1.473 billion); and basic iron and steel, metal products, and machinery (2.9 percent or R1.583 billion).
The value of sales of manufactured products at current prices for the three months to January was 18.1 percent, or R38.491 billion, higher than a year earlier.
The major contributors were basic iron and steel, metal products, and machinery, which contributed 5.1 percentage points or R10.905 billion; petroleum, chemical products, rubber and plastic products (4.5 points or R9.555 billion); motor vehicles, parts and accessories, and other transport equipment (3 points or R6.323 billion); food and beverages (2 points or R4.275 billion); wood, paper, publishing and printing (1.1 points or R2.331 billion); electrical machinery (0.8 points or R1.791 billion); furniture and other manufacturing (0.7 points or R1.568 billion); and glass and non-metallic mineral products (0.5 points or R1.067 billion).
Headline-catching single figures are important. They capture broad trends, and paint a general picture of development and change. But the devil is in the details, and the data on manufacturing are no exception.