The S&P Global South Africa PMI fell to 49.0 in September 2026 from 50.5 in August, signalling a renewed contraction in private sector activity and the weakest performance so far this year. The downturn was driven by a sharp decline in new orders, which fell at the fastest pace in two-and-a-half years amid uncertainty over economic conditions and higher fuel prices. Weaker demand also prompted firms to cut purchasing and inventories, while employment remained broadly stable. Higher fuel costs pushed input prices up sharply, although softer wage growth eased overall cost inflation. Output prices rose at the fastest pace since June as firms passed on higher costs. Supply chain pressures intensified, with supplier delivery times lengthening at the fastest rate since February 2024, partly due to delays at the Port of Durban and Middle East disruptions. Looking ahead, business expectations improved to a four-month high, supported by optimism over demand and expansion plans.