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SA business confidence index rises

Sacci says business confidence increased last month as a result of higher commodity prices.

The Sandton CBD in Johannesburg. Picture: Aki Anastasiou/EWN

JOHANNESBURG - The South African Chamber of Commerce and Industry (Sacci) says there was a marked increase in business confidence last month.

Its monthly confidence index has risen to 97.7% for January from 93.8% for December.

Sacci says business confidence increased last month as a result of higher commodity prices and an increase in new vehicle sales.

The chamber also says it expects conditions that will boost confidence and attract investment.

Last month, Reserve Bank Governor Lesetja Kganyago said the bank expected growth to exceed 1% this year and kept rates unchanged.

However, high inflation remains a concern and ratings agencies have warned that continued political volatility could affect the country's next rating.

(Edited by Shimoney Regter)