Business confidence improves in the second quarter, but businesses still gloomy

Business confidence improved in the second quarter, but businesses were still quite gloomy ahead of the election when the survey was done.

However, he says, we must wait and see the implications of coalition arrangement on policy and the business environment, as well as the sustainability of the improvement in the energy availability factor observed over the past two months before we can draw any link to the BCI in future. “On balance, sales volumes were better, largely driven by durable goods, with hardware retailers a notable outperformer. In contrast, sales volumes for non-durables declined as selling prices increased.

On the other hand, confidence among new vehicle dealers, who are arguably most sensitive to the prevailing high borrowing costs and subdued consumer demand, declined by 6 points to 10%. “Of concern and consistent with lower levels of business confidence, the growth in gross fixed capital formation contracted for the third consecutive quarter in the first quarter. The survey results point to some lift in activity in the second quarter.

For this to materialise, the new administration must accelerate the implementation of the structural economic reforms started in the previous administration to improve the business operating environment of the South African economy.”

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