Business confidence in South Africa declined in September 2024, dropping 1.3 points to 110.2, according to the South African Chamber of Commerce and Industry .
“It appears that there are inconsistencies in the ‘memorandum of understanding’ between partners in the new collaborative administration. Business sentiment showed signs of hesitation, with the Sacci Business Confidence Index slipping marginally in September 2024.” “Business sentiment was particularly positively swayed by more overseas tourist numbers, increased merchandise export volumes, an improving manufacturing output and lower inflation.”
The report also highlighted that the index averaged 110.9 for the first nine months of 2024 compared to an average of 109.2 in the corresponding period of 2023 — a 1.7 index point improvement on 2023., Sacci said it noted with concern that 66 of the 257 municipalities in the country were “officially dysfunctional, rated by certain criteria”.
Even though inflation is improving and dropped to 4.4% in August after three months of slowing, and the South African Reserve Bank lowered interest rates for the first time in over four years in September, the economy is still expected to grow by only 1.5% each year. The current interest rate is 8%.grew by only 0.4% year-on-year in the first six months of 2024, and in order to achieve 1% real growth in 2024, the GDP will have to increase by 1.5% year-on-year in the second half of 2024.
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