SA Chamber of Commerce and Industry business confidence index, took a positive turn in September.
The month-on-month increase, which was up from 89.1 in August, was similar to the recovery seen in January 2018, after the election of Cyril Ramaphosa to the ANC presidency, the chamber said, albeit from a lower level. On an annual basis, however, the index was still 0.9 points down from September 2018. This was mainly due to among others reasons, a marginal reduction in merchandise export volumes, a lower all share price index on the JSE, and “below the trend” manufacturing output. to implement proposals for economic restructuring and with the upcoming medium-term budget, to set the tone for an economic turnaround” the chamber said.
Nevertheless the chamber said its results could point to “a possible about-turn for the business climate” when examined alongside certain other macroeconomic developments. These included inflation that is within the Reserve Bank’s target range, and well contained money supply and private-sector credit.The BankservAfrica Economic Transaction Index , which measures transactions across a number of sectors, grew a modest 0.5% year on year in September.
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