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Business confidence hits lowest in at least 20 years

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The BCI has not been this low since the 1998-1999 emerging-market debt crisis

Two business confidence indicators have dropped to their lowest levels in 20 and 34 years, respectively, as more business people have become pessimistic about the future of SA's economy.

Four out of the five sectors that make up the BCI deteriorated in the third quarter, with retail and wholesale traders recording the biggest declines. Retail confidence dropped to 17 points from 28 in the previous quarter. Seven of the 13 sub-indices that make up the Sacci BCI fell in August, four improved while two were unchanged from the previous month. The month-on-month decline was attributed to a decrease in merchandise export volumes, a weaker rand exchange rate and declining all-share prices on the JSE.

 

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