Business confidence slips to 16-yr low – Sacci
Retreating to a 16-year low, the South African Chamber of Commerce and Industry’s (Sacci’s) Business Confidence Index (BCI) slumped to 86.9 in May from 89.9 in April, signifying a lag in the country’s economic recovery, the chamber said on Tuesday.
Falling two index points from May last year, Sacci reiterated that May’s BCI was lower than last year’s lowest level of 87.9 in July, while year-on-year data for the subindices indicated more negativity, with nine of the thirteen subindices at lower levels than in May 2014.
“Although the world economy finds it tough to expand at a similar rate than before the [economic downturn], it looks like only some countries are succeeding in improving their performance. South Africa’s economic performance, however, is falling behind both that of Africa and the rest of the world,” Sacci noted in a statement.
This was largely attributed to electricity supply disruptions, which continued to impact negatively on the output of the economically critical manufacturing sector.
Meanwhile, indications pointed to tighter financial conditions ahead, with higher global interest rates and the financial downgrading of South African institutions likely to compel a local interest rate hike.
“The South African economy is in a very delicate and peculiar situation. Although it is in dire need of foreign capital for financing struggling public sector institutions, infrastructure and to complement overall local fixed investment, the business and investor climate is not convincing,” it noted.
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