South Africa’s business confidence steady in October

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Unemployed men wait on a street corner in the hope of getting casual work in Pietermaritzburg, South Africa June 28, 2017. REUTERS/Rogan Ward

JOHANNESBURG (Reuters) – South Africa’s business confidence index was largely unchanged in October from the previous month, with subdued economic performance limiting business opportunities, a survey showed on Wednesday.

The South African Chamber of Commerce and Industry’s (SACCI) monthly business confidence index (BCI) stood at 92.9 in October from 93.0 in September.

“The BCI reflects the neutral sentiment in the market place,” SACCI said in a statement. “It appears that South Africa is not currently in a position to take advantage of the improving global economic climate.”

Finance Minister Malusi Gigaba unveiled a gloomy economic outlook in his medium term budget speech on Oct. 25, as he lowered growth forecasts and projected rising debt levels.

Reporting by Olivia Kumwenda-Mtambo; Editing by James Macharia

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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