The South African Chamber of Commerce and Industry (SACCI) announced on Tuesday that the Business Confidence Index (BCI) fell to 89.3 in May from 93.7 in April due to a decline in imports and exports of goods.
SACCI announced that after a strong first three months, BCI lost 6.3 index points from March to May 2022.
“The rise in real funding costs also had a less obvious negative impact on the business environment. The decline in the Johannesburg Stock Exchange All Share Price Index reflects uncertain business prospects and expectations. Energy supply instability further weighed on the overall economy,” said SACCI economist Richard Downing.
Downing said given the global economic climate and the structural economic challenges associated with lockdown restrictions, it may take some time for the economy to recover and gain momentum.end item
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