Business confidence increased in the third quarter, but is still weak, with the current level of the business confidence index suggesting two-thirds of respondents are dissatisfied with prevailing business conditions.
The challenges of relatively high interest rates, the resultant strain on consumers and social unrest meant business activity remained constrained but encouragingly, the slight reprieve in the incidence of load shedding provided support to some firms, especially in manufacturing, the BER said. Wholesaler confidence was up by 6 points to 38 although the sales volumes of consumer goods continued to struggle. Similarly, new vehicle dealer confidence moved higher to 30 , despite a further deterioration in sales and orders placed, while stock levels remained elevated.
Growth in exports also increased significantly. On a less positive note, the BER points out production costs remained elevated, as well as the rating of new demand and the political environment as business constraints. The results from the manufacturing sector are somewhat encouraging, although sentiment is weak.
“There is no doubt this had a detrimental effect on the economy in the third quarter. While some sectors were likely more affected than others, respondents lamented the lack of production due to staff shortages, as well as the cost of having to repair damage. The confidence of executives in the Western Cape nonetheless gained 4 points to record a level of 35, but it would likely have been higher if not for the disruption.
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