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Business confidence up but far from ideal

The SA Chamber of Commerce and Industry released its monthly confidence index yesterday.

FILE: The index recovered marginally to 80 from 79.6, its lowest level in 23 years. Picture: Reinart Toerien/EWN.

CAPE TOWN - Business confidence remains far below the promising levels seen in 2010.

The South African Chamber of Commerce and Industry released its monthly business confidence index yesterday.

It serves as an indicator of the level of optimism or pessimism felt by businesses with regards to their future prospects.

The index recovered marginally to 80 from 79.6, its lowest level in 23 years.

Although the slight increase puts an end to the downward trend, it's still far from ideal.

Economist Richard Downing said, "Since 2010 when the index was 100, it gives you the idea that at the moment the index at the moment is 20 index point below the average for 2010. So we quite rounded on where we should be or where we wish to be."