Business confidence suffers setback in May amid ‘tighter’ business climate – Sacci
The South African Chamber of Commerce and Industry’s (Sacci’s) Business Confidence Index (BCI) suffered a setback in May, decreasing by 7.6 index points year-on-year and 3.2 index points month-on-month to 79.3.
“Setbacks in the real business environment were evident in May, with four of the seven subindices declining compared with April, while the financial climate deteriorated even more as there were no positive month-on-month movements in May,” Sacci pointed out.
The largest positive monthly contributions to the BCI came from building plans approved and merchandise export volumes. Seasonally adjusted merchandise import volumes had the largest negative month-on-month effect in May, followed by real retail sales and a weaker weighted rand exchange rate against the dollar, the euro and the British pound.
Sacci added that the year-on-year BCI comparison suggested a tighter business climate in May than the year before, with financial circumstances and the real economy being worse off.
The largest negative year-on-year contribution to the BCI came from the rand exchange rate, followed by new-vehicle sales and all-share prices on the JSE. The only positive year-on-year impact came from municipal services.
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