Business confidence is up
July is the first month since the start of this year that the index has risen.
The South African Chamber of Commerce and Industry said this week that its monthly Business Confidence Index (BCI) had risen in July. This is the first month since January 2018 that the index has improved. According to the Chamber, the BCI rose from 93.7 in June to 94.7 in July.
The chamber said in a statement:
"Although there are still major economic challenges facing South Africa, it appears the downward trend in the business climate since February 2018 has lost its momentum and confidence could turn more positive."
Despite the increase, the index is still below the level it was a year ago, when it came in at 95.3 points.