Business confidence is at its lowest level this year, according to the South African Chamber of Commerce and Industry’s latest business confidence index.
The index dropped 1.6 points to 91.8 in March, the lowest level since the start of the year. The index was 95.1 in January and 93.4 in February.
The figure is also 5.8 points lower than the 97.6 reported in March last year.
The report cites the upcoming general elections as contributing to uncertainty in the business environment.
“The BCI reflects a depressed business climate that is dominated by concerns over continued difficult and uncertain domestic economic circumstances,” the report read.
“It is only after the upcoming general election in early May 2019 that one would expect certainty on the elements that impact business confidence.”
The rand exchange rate, interrupted power supply, electricity tariff increases and slowing manufacturing output were the largest contributors to the declining confidence
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