Concerns over SA’s business confidence levels
The South African Chamber of Commerce and Industry says this is due to a dip in merchandise export volumes and fewer new vehicle sales.
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JOHANNESBURG – As South Africa’s business confidence index (BCI) falls for the first time in four months, there are concerns that confidence levels are not where they should be. The South African Chamber of Commerce and Industry’s monthly business confidence index dropped to 95.2 in December, that’s down 96.1 in November. The chamber says this is due to a dip in merchandise export volumes and fewer new vehicle sales. Economist Azar Jammine says the rand weakening in December and lower share prices may be the reason for the index drop.“The BCI has been relatively depressed over an extended period of time, showing that business confidence is not what it’s ought to be, and is not supportive of economic growth in access of 1.5% at present.”