South Africa’s business confidence steady in October

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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