In its first month of publicity, the PMI survey, which covers the manufacturing, services, construction, mining and retail sectors, shows an improvement in operating conditions in the country during October, having risen to 51.5 last month, from 49.8 in September.

The survey, which is produced by Markit on behalf of HSBC, has been conducted in South Africa since July 2011. This is the first time it has been made publicly available and will be published monthly from now on.

“The South Africa PMI will be among the first indicators of local economic conditions, helping inform financial markets, economists, analysts and local policymakers,” said Andrew Dell, chief executive of HSBC Africa.

The rise to 51.5 in October signalled the strongest improvement in operating conditions in 2013 so far, after a contraction in September. New orders rose, with stronger consumer confidence contributing to the rise in new business. However, respondents also reported that unfavourable exchange rates and difficulties in European markets led to a decline in export sales.

“The HSBC South Africa PMI suggests an improvement in private sector conditions in October as the economy rebounded from a strike-affected September. A robust pick-up in new orders and a small rise in output explain most of the improvement while employment levels expanded marginally in line with positive but weak growth,” said David Faulkner, economist for South Africa and sub-Saharan Africa at HSBC.

The survey is based on data compiled from a monthly questionnaire sent to purchasing managers in around 400 private sector companies. A reading above 50 suggests an improvement in business conditions on the previous month, while a reading below 50 signals deterioration.

According to HSBC, the rebalancing of the global economy from the developed world to emerging markets will continue, as emerging markets “become increasingly important in terms of global trade and capital flows”. As such the firm currently has 17 PMI surveys across emerging markets.