SACCI: Political uncertainty has slowed SA business confidence
The South African Chamber of Commerce and Industry has reported a significant decline in business confidence due to political uncertainty following the general elections.
The Business Confidence Index dropped by 5.8 index points in April to 108.9 points, further dropping to 107.8 points in May.
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Economist Richard Downing says short-term declines were influenced by a decrease in overseas tourists and merchandise import volumes.
He says export volumes and new vehicle sales saw modest gains.
“You could see the effect on the business confidence that it actually declined during April and May. It declined by not less than 6.9% over those two months because of all the talk about where political parties want to go and the uncertainty that came forward in terms of the effect of the elections on the economy.”
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