South african chamber of commerce and industry
SA business confidence falls to five-month low in February
Confidence in the economy has been strangled by policy and political uncertainty.
The South African Chamber of Commerce and Industry says this is due to a dip in merchandise export volumes and fewer new vehicle sales.
At least 15 trucks were set alight and 18 others were looted during the demonstration which forced the closure of the busy highway in both directions.
The South African Chamber of Commerce and Industry’s (SACCI) monthly business confidence index (BCI) rose to 96.4 in December from 95.1 in November.
Since SA emerged from the 2009 recession, growth has fallen short of the government’s target of 5%, the level economists say is needed to curb unemployment.
The Chamber has attributed the subdued sentiment to currency volatility, corruption and political uncertainty.
Sacci says business confidence increased last month as a result of higher commodity prices.
The index has hovered around the 80-mark in the past four months.
Sacci says govt needs to look for other saving opportunities to ensure sustainable business.
Two gas turbine power stations which use diesel to generate electricity have shut down.
176 metric tonnes of copper worth R12,5 million was stolen across the country last month.
Figures show the economy experienced its first contraction since 2009, dropping 0.6%.
Sanral has welcomed the business chamber’s call for members to support e-tolling.
President Jacob Zuma has urged the labour sector and employers to resolve disputes.
The Cape Chamber of Commerce says the gold sector strike could be the most costly ever.
The Global Corruption Barometer survey found 40-50% of S.Africans paid a bribe over the past year.
The freight industry will be worst affected by Wednesday’s petrol and diesel hike.
After 13 months, President Jacob Zuma has still not appointed a head of the SIU.
But the chamber warns that its outlook is subject to the performance of the rand.