South Africa business confidence jumps as government hopes grow
South Africa’s business confidence soared to the highest level in nine years last month, suggesting a significant improvement in the economic outlook as businesses take encouragement from the country’s new governing alliance.
An index compiled by the South African Chamber of Commerce and Industry (Sacci) jumped to 118.1 in November from 114.2 in October and 110.2 the month before, the chamber said on Tuesday. It’s at the highest level since October 2015, according to data compiled by Bloomberg.
“The broader political representation in the administration of national government has facilitated a positive assessment of economic prospects by business,” Sacci said. “This positive assessment spilled over into the business climate, improving sentiment and stability.”
After losing its outright majority in May elections, the African National Congress turned to the centrist Democratic Alliance and eight other smaller parties to form a business-friendly coalition. The so-called government of national unity has made growth and job creation its top priority after years of disappointing economic performance.
South African growth unexpectedly shrank 0.3% in the third quarter after farm output slumped. Overall growth was just 0.4% in the first nine months of the year.
Sacci said this disappointing performance showed the importance of galvanizing cooperation between the private and public sector.
“An efficient and proficient public sector — especially public enterprises and local governments — plays a pivotal role in supporting economic activity,” Sacci said, while adding that “the translation of business confidence into investor confidence, economic growth, and job creation will, over time, mark the ultimate success.”
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