SOUTH African business confidence jumped to levels last seen even before a nationwide lockdown to curb the spread of the coronavirus restricted economic activity and disrupted global trade, two separate measures published on Wednesday showed.
A quarterly business confidence index compiled by FirstRand Ltd.’s Rand Merchant Bank unit and Stellenbosch University’s Bureau for Economic Research jumped to 50 in the second quarter, from 35 the previous three months. That’s the highest since the end of 2014 and was fueled by sharp rebounds in sentiment in the manufacturing, retail trade and motor trade industries.
At the same time, a monthly index by the South African Chamber of Commerce and Industry rose to 97 in May from 94.7.
That’s the highest level since March 2018, a month after Cyril Ramaphosa became president of the country and pledged to revive the economy and fight corruption.
The increase was driven by a resurgence in
You’ve reached your free article limit
Subscribe to enjoy unlimited access to trusted journalism. Cancel anytime.
Subscribe nowNeed help? molokom@insidepolitic.co.za
