The South African Chamber of Commerce and Industry (SACCI) announced on Wednesday that the Business Confidence Index (BCI) has returned to pre-COVID-19 levels.
“The SACCI BCI for September 2022 was measured at 110.9, which is better than the 2020 average and below the level of March 2020, before the outbreak of the COVID-19 pandemic and the economic lockdown was imposed. “This was higher than the current average of 103.9, which suggests that business confidence remains resilient.” SACCI CEO Alan Mukoki.
SACCI said overseas tourism and the volume of exports and imports of goods are making a positive contribution to business confidence in the short term.
The chamber noted that rising real interest rates, falling stock prices and the real value of construction projects hurt BCI in August and September.
He explained that increases in retail sales and manufacturing activity as major employers were also positive on an annual basis.
Mkoki said the average business confidence index in the third quarter was 2.2 index points higher than in the second quarter of 2022. He revealed that the BCI for the first nine months of 2022 was 108.7, similar to the same period in 2021.
Mr. Mukoki cited the instability of energy supplies as one of the issues that the country must urgently resolve.
South Africa faces a range of challenges, including the coronavirus pandemic, which has disrupted global supply chains and trade, and corruption and mismanagement in state-owned enterprises and the private sector.end item
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