business confidence index in south africa drops to its lowest since september 2020
A South African business confidence index dropped in May, reaching its lowest level since September 2020 on various factors which include lower trade volumes, higher financing costs and power cuts. The business confidence index of the South African Chamber of Commerce and Industry (SACCI) dipped to 89.3 in May from 93.7 in April, according to the SACCI.
“Given current global economic conditions and structural economic obstacles resulting from the lockdown rules, it may take some time for the economy to recover and acquire momentum,” SACCI stated in a statement.
In April, disastrous floods struck South Africa’s coastal KwaZulu-Natal province, killing hundreds of people, displacing thousands, and causing billions of rands in infrastructure damage, disrupting exports and imports. In May, the central bank raised its primary lending rate by the most in almost six years, while state utility Eskom imposed major power shortages.
South Africa captain Laura Wolvaardt wants cricket authorities to arrange more Test matches for women because Test cricket represents the…
The United States issued Ambassador Ebrahim Rasool a one-way travel ticket from South Africa to show decreasing trust between the…
Vida e Caffè achieved a major milestone when they opened their 300th South African outlet in Secunda Mpumalanga making it…
The Trade Promotion Organization of Iran revealed its plan to launch a special shipping line to West Africa through its…
Expansion in the global rare earth industry makes Africa stand out by predicting this region will reach 10% market supply…
Exxaro Resources Limited chose Ben Magara to lead the company as CEO starting April 1, 2025. The firm conducted an…
This website uses cookies.