SA business confidence hits all-time low

The South African Chamber of Commerce and Industry released the business confidence index today.

Picture: Free Images.

JOHANNESBURG - South Africa's business confidence has reached a new all-time low due to poor performances in sectors such as retail and manufacturing.

The South African Chamber of Commerce and Industry (Sacci) released the business confidence index today, showing that it has fallen to 79.3 in May.

That's down from 82.5 the previous month.

This is one of the lowest index levels since 1993.

Sacci's Richard Downing says, "If you look month-on-month, there were only two positives in terms of the 13 sub-industries. Because we don't do a survey, we have gathered a lot of information on markets and on the economy; the index is telling us that business climate for business confidence is quite negative."