Sacci chief economist Richard Downing said that higher fuel prices and increased utility tariffs, as well as lack of energy supply and water supply were the major contributors towards low business confidence.Sacci released its September BCI on Monday. In a statement, the chamber said the country’s business sentiment dropped to a one-year low in the month, showing a decline to 91.0 after registering a high of 97.0 in May.However, the average BCI of 94.
The July riots in Gauteng and KwaZulu-Natal contributed to the much lower index for the third quarter. Downing said the looting and disruption had its most severe negative month-on-month impact on the business mood, which saw the BCI dip by three index points. There were also positive movements to the BCI, said Downing, who noted positive month-on-month contributions from increased merchandise export and import volumes, and an increased number of new vehicle sales.
He said the medium-term budget policy statement in November should give direction on positive economic and business developments going forward.
We wouldn't have had riots if it wasn't for the stupid Ramaphosa draconian lockdown
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WATCH: Why business confidence has dimmedBusiness Day TV spoke to Sacci chief economist Richard Downing about business confidence
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