World Economy

S. Africa BCI at 32-Year Low

S. Africa BCI  at 32-Year LowS. Africa BCI  at 32-Year Low

South Africa’s business confidence index fell to its lowest in more than three decades in August as merchandise import and export volumes fell, a survey showed on Wednesday, Reuters reported. The South African Chamber of Commerce and Industry’s monthly BCI fell to 89.6 in August from 95.3 in July. SACCI said the August print was the lowest level since mid-1980s. SACCI said that political unrest in the country was proving to be “debilitating to business confidence and especially investor confidence.” Bitter divisions in the ANC have erupted over a stream of corruption allegations surrounding President Jacob Zuma—who narrowly survived a no-confidence vote last month. South Africa’s economy limped out of recession in the second quarter of the year, however, and SACCI found reason to be upbeat despite the new lows in business sentiment. “The positive developments with inflation, interest rates and the trade account of the balance of payments could serve as inspiration for other challenging areas in the economy and reinvigorate business confidence,” they said.


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