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SA's business confidence steady in October

The South African Chamber of Commerce and Industry monthly business confidence index stood at 92.9 in October from 93.0 in September.

FILE: Minister of Finance Malusi Gigaba. Picture: Thomas Holder/EWN

JOHANNESBURG - South Africa’s business confidence index was largely unchanged in October from the previous month, with subdued economic performance limiting business opportunities, a survey showed on Wednesday.

The South African Chamber of Commerce and Industry (SACCI)'s monthly business confidence index (BCI) stood at 92.9 in October from 93.0 in September.

“The BCI reflects the neutral sentiment in the marketplace,” SACCI said in a statement.

“It appears that South Africa is not currently in a position to take advantage of the improving global economic climate.”

Finance Minister Malusi Gigaba unveiled a gloomy economic outlook in his medium-term budget speech on 25 October, as he lowered growth forecasts and projected rising debt levels.