JOHANNESBURG, Dec. 14 — The South African Chamber of Commerce and Industry (SACCI) announced on Wednesday that the country’s business confidence index rose from 108.6 in October to 111.5 in November, with inward tourism and merchandise import volumes being the primary contributors. According to the SACCI’s latest business confidence survey, between October and November 2023, 11 out of 14 sub-indices either displayed positive changes or remained virtually unchanged.
Only three indices showed negative changes. In November, inward tourism and merchandise import volumes significantly contributed to the boost in business confidence. However, fewer new vehicle sales, a weaker and more volatile rand exchange rate, and high financing costs had a negative impact, as per the survey. The SACCI reported that on a year-on-year basis, the business confidence index improved by 0.9 points. The latest data indicates that the business climate and economic conditions have not spurred increased confidence over the medium term. The SACCI highlighted a lack of positive momentum in the country’s business confidence, citing unresolved economic challenges as persisting issues. Recent official data revealed that South Africa’s real gross domestic product contracted by 0.2 percent in the third quarter compared to the previous quarter.
Xinhua
