The business confidence index fell to 84.6 points
The business confidence
index slid “to 84.6 points in June,” reports IOL
. That’s a 2.3 point slide from the 86.9 recorded in May.
Comparing the index to the same time last year, it’s down 5.1 points, adds IOL
This is the lowest level the business confidence index has been at since January 1999, says BDLive
Richard Downing, economist at the SACCI, says that “export volumes and building construction” were two areas struggling, says IOL
The South African economy is battling to pick up pace
The SACCI says the South African economy is struggling “to raise its performance to prevent imbalances between demand, needs and output from escalating,” reports MoneyWeb
. The impact of load shedding and the knock on inflationary impact of “increases in electricity prices” will also have a negative effect on the economy.
The large hike to electricity tariffs could have been much higher if Eskom had its way. After applying for a second tariff hike, the National Energy Regulator rejected Eskom’s request, adds BDLive
Not helping the situation is the uncertain “domestic and world economic climate,” notes IOL
. This includes the crisis in Greece, which as part of the EU is “one of South Africa’s important trading partners”.
Today’s business confidence data release follows the release of consumer confidence data last week. This too fell sharply.
For the second quarter of this year, consumer confidence plunged, recording “its largest drop since 2008,” says Fin24
. This takes it down to its “lowest level since the 1992/1993 recession”.
Today’s business confidence data reflects the strain on the economy at the moment and the impact on the private sector.
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