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Sacci, Agri SA agree business confidence ‘under severe pressure’

President of Agri SA Johannes Möller says they've experienced 'a negative approach from investors towards agriculture and South Africa in general'.

Statistics generic. Picture: Freeimages.

CAPE TOWN - Agri SA and the South African Chamber of Commerce and Industry (Sacci) agree business confidence is under severe pressure.

For the first time in three months, Sacci’s business confidence index is lower year on year.

The data shows sentiment started dwindling before the axing of Finance Minister Pravin Gordhan last week.

Sacci says its latest data excludes most of the recent negative impacts on business confidence stemming from the Cabinet reshuffle and the downgrade by S&P Global.

At 93.8, March's Index is 3.9 index points lower than the 14th-month high seen in January.

Meanwhile, Agri SA President Johannes Möller has echoed Sacci’s sentiment saying business confidence is under pressure.

“We experienced quite a negative approach from investors towards agriculture and South Africa in general.”

Both have indicated the impact of the past week's events could hamper business confidence further with the chamber saying it could potentially knock off a further point 6 index points.

(Edited by Shimoney Regter)