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SA business confidence rises in July

The South African Chamber of Commerce and Industry's monthly business confidence index rose to 94.7 in July from 93.7 in June.

Picture: Pixabay

JOHANNESBURG - South Africa’s business confidence has risen for July.

The South African Chamber of Commerce and Industry (Sacci)'s monthly business confidence index rose to 94.7 in July from 93.7 in June.

It says activity was mainly supported by an increase in merchandise export volumes and retail sales, as well as lower inflation.

Sacci says six of the thirteen sub-indices improved in July compared with their June readings, while three were unchanged.

Business confidence raced to a 2-1/2 year high in January after Cyril Ramaphosa’s election.

But economists say the enthusiasm has since stalled following a raft of lukewarm economic data figures, such as the contraction in gross domestic product in the first quarter and rising unemployment.