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SA business confidence declines in January

6th February 2020

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Confidence among South African businesses dipped in January, a survey showed on Thursday, weighed down by uncertainty around the domestic and global economy.

The South African Chamber of Commerce and Industry's (Sacci) business confidence index was 0.9 index points lower at 92.2 in January compared with December, and was down 2.9 index points on a year-on-year basis.

"The latest figures suggest that business confidence still finds it difficult to gain momentum," Sacci said in a statement.

"Developments during the latter part of January 2020 have again underlined the uncertainty that plagues the global and the domestic economy."

Merchandise export volumes were lower during the month, while less new vehicles were sold and the real value of building plans passed fell and energy supply was shaky.

These negative effects were offset by higher precious metal prices and lower inflation.

Sacci said the coronavirus outbreak emanating from China had underlined the sensitivity and uncertainty plaguing the global and the domestic economy.

In February, companies would be focused on President Cyril Ramaphosa's state of the nation address and finance minister Tito Mboweni's annual budget review for pointers on the country's economic performance and the business climate for the longer term, the chamber said.

Edited by African News Agency

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