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SA’s business confidence drops to its lowest in 7 months due to COVID-19

The South African Chamber of Commerce and Industry's (SACCI) monthly business confidence index fell to 89.9 last month from 92.7 in February.

Picture: Pixabay.com

JOHANNESBURG - South Africa's business confidence has dropped to its lowest in seven months as the global COVID-19 pandemic impacted vehicle sales and saw the rand weaken against major currencies.

The South African Chamber of Commerce and Industry's (SACCI) monthly business confidence index fell to 89.9 last month from 92.7 in February.

The March reading was the lowest since August 2019.

In a statement, SACCI said the economic effect of the COVID-19 on trading partners and lately on the country's economy became more evident and pronounced towards the end of March.

The organisation said the COVID-19 outbreak would make it difficult to attend to structural economic matters in the short-term.

For official information about COVID-19 from the Department of Health, please click here.