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Business confidence resilient despite unpredictable economy

But the Chamber has warned currency depreciation could dampen the positive sentiment.

Picture: Supplied.

CAPE TOWN - The Chamber of Commerce and Industry says business confidence has been resilient, despite an unpredictable economic and political situation in South Africa.

The Chamber's business confidence index for June saw an uptick to 94.9 from 93.2 the previous month.

The index is an indicator of the future direction of the economy.

The Chamber has ascribed the boost in business confidence to higher import and export volumes and an increase in the value of the rand.

But the Chamber has warned currency depreciation, following the Public Protector's recommendation of constitutional changes to the role of the Reserve Bank and other events in June, could dampen the positive sentiment.

It also mentions the dispute around the Mining Charter as a possible risk.

To the turn the economy around, the Chamber suggests a realistic approach that enhances the outlook of the private sector and its ability to mobilise capital.

Amid a recession and what it calls 'less fortunate' credit ratings, pulling the country out of its 43-month economic downward phase is a matter of urgency.

(Edited by Zinhle Nkosi)

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