World Economy

S. Africa BCI at 22-Year Low

S. Africa BCI  at 22-Year LowS. Africa BCI  at 22-Year Low

South Africa’s business confidence index fell to its lowest in 22 years in September, a survey showed on Tuesday, reflecting companies’ worries about sub-par domestic and global economic growth, Reuters reported. The business confidence index slid to 81.6 from 84.3 in August, reaching its weakest level since July 1993, the South African Chamber of Commerce and Industry said. “Apart from subdued domestic economic performance, global financial market nervousness as well as global economic uncertainty continued to prevail,” SACCI said in a statement. Meanwhile, South Africa is fighting to retain duty-free access for exports to the US worth as much as $1.7 billion a year in a dispute that pits farmers in the two nations against each other. The US is reviewing South Africa’s status as a full beneficiary of a preferential trade pact known as the African Growth and Opportunity Act, which eliminates import levies on more than 7,000 products ranging from textiles to manufactured items. AGOA, was renewed in June for another 10 years, benefiting 39 African nations.