South Africa business confidence sees biggest jump in nearly two years

JOHANNESBURG - South African business confidence saw its biggest year-on-year improvement in almost two years in November, boosted by higher tourist numbers, precious metal prices and new vehicle sales, data showed on Tuesday.

Business sentiment has risen sharply since June, after the African National Congress lost its parliamentary majority in a national election and was forced to share power with smaller parties including the pro-business Democratic Alliance. The uptick in business confidence has not yet translated into faster economic growth in Africa's most industrialised nation.

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