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Concerns raised over SA’s latest business confidence index

The country’s figures fell 2,3 index points this month to a more than 16-year low.

FILE: Sacci says the decline shows fundamental weaknesses in an economy weighed on productivity. Picture: Gadeeja Abbas/EWN.

JOHANNESBURG - The South African Chamber of Commerce & Industry (Sacci) on Tuesday said South Africa's latest business confidence index called for 'great concern'.

The country's figures fell 2,3 index points this month to a more than 16-year low.

Sacci said the decline showed fundamental weaknesses in an economy weighed on productivity.

In its latest survey, it confirmed the business confidence index dropped to 84,6 in June, versus 86,9 in May - its lowest level since January 1999.

Sacci CEO Peggy Drotski said, "It's actually the lowest it has been for many years, long before the global downturn. It's more than 37 index points below the level of 121,9 which was in December 2006."

In May, the country's business confidence also slumped to a 16-year low as power supply shortages weighed on output in sectors such as manufacturing, a survey showed.

The Business Confidence Index stood at 86,9 in May from 89,9 the previous month.