Reuters News
Workers inspect cars newly manufactured from a nearby plant before being loaded on a cargo ship at a port, in East London, in the Eastern Cape province, South Africa, March 19, 2023. REUTERS/Siphiwe Sibeko/File Photo Purchase Licensing Rights
South African business confidence rose in November, as tourism and merchandise import volumes improved in month-on-month terms, data showed on Wednesday.
The South African Chamber of Commerce and Industry (SACCI) Business Confidence Index increased to 111.5 points in November from 108.6 in October.
Despite November’s increase, SACCI said in a statement that lingering economic challenges continued to drag on sentiment.
It pointed to fewer new vehicle sales, a volatile rand exchange rate and high real financing costs among factors negatively affecting business confidence in November compared to a year ago.
“The latest BCI suggests that the business climate and economic conditions didn’t provide the spark for increased confidence over the medium term,” SACCI added.