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Financial News: South Africa Business Confidence At 20-year Low In

South Africa Business Confidence At 20-year Low In Q3: BER

09/11/2019 - 09:03:00 (RTTNews)

(RTTNews) - South Africa's business confidence plummeted to a two-decade low in the third quarter, survey data from the Bureau of Economic Research showed on Wednesday.

The RMB/BER Business Confidence Index sank to 21, a low level which was not even seen during the height of the global financial crisis in 2009, the think tank said.

Among the five sub-sectors making up the BCI, only the motor trade industry showed an improved, but the reading remained low.

"Not only did a growing majority of respondents in the third quarter experienced worse business conditions than 12 months ago, but it would appear if more and more business people participating in the survey are simply giving up hope," the BER said.

"Courageous leadership is required to reverse this concerning development."

Elsewhere on Wednesday, a survey by the South African Chamber of Commerce and Industry showed that its monthly business confidence index fell to a 34-year low of 89.1 in August, Reuters reported.

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