Rand Merchant Bank yesterday reported that its Business Confidence Index slumped to 18 points in the quarter, following a marginal increase to 26 in the fourth quarter of 2019. RMB said the first quarter’s drop was due to a turnaround in confidence in building, manufacturing and retail trade - sectors that had showed improvements in the fourth quarter.
It said sentiment in the building sector plummeted 16 points to a 22-year low of 15, while manufacturing fell from 24 to 17, as plunging domestic and export sales forced manufacturers to slash production further. Retail confidence reversed all the fourth quarter’s gains - falling from 30 to 18 as sales volumes of food, hardware and other consumer durables remained dismal in the first quarter. Clothing sales volumes recovered somewhat, but this came about mainly through discounting, which hurt retailers’ gross margins.
RMB said more than 80percent of respondents therefore perceive prevailing business conditions as unsatisfactory after 1800 executives were surveyed between February 12 and March 2. Sentiment among wholesalers and new vehicle dealers effectively remained unchanged at heavily depressed levels. RMB chief economist Ettienne le Roux said the timing of the prospective sharp coronavirus-induced global slowdown could not have been worse for an economy already in recession.
'No, this isn't Zimbabwe.'🤣🤣🤣 Perhaps 5 years of loadshedding. Ruling party want land without compensation. Education failed massively, leaving a large unskilled future. Massive corruption & massive debt. No justice & increasing crime. RSA & Zim have the same disease.😷🤮
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