South African Business Confidence Remains Low Amid Challenging Economic Environment

Confidence amongst South African business leaders remains incredibly low amid the challenging economic environment, which is likely to translate to slow economic growth and further strain on the economy for the remainder of the year. The RMB/BER Business Confidence Index (BCI) dropped by two points to 31 in Q4 2023, meaning less than a third of respondents were happy with the overall business conditions.

Although there was a 15-point rise in retail confidence, it was outweighed by a major 24-point drop in the confidence of new vehicle dealers, pushing the overall index down. “The business environment remained difficult in the fourth quarter, as business conditions deteriorated against expectations. In addition, activity ticked down somewhat despite an ease in load shedding relative to the third quarter,” the RMB said. “Sluggish demand means that there is likely increased pressure on turnover and profitability, with purchasing prices reaccelerating but selling prices slowing for a fourth consecutive quarte

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