The SA Chamber of Commerce and Industry’s (Sacci), Business Confidence Index (BCI) released on Wednesday showed the index strengthened to 94.7points in July, from 93.7points in the previous month. June’s sentiment print was a fifth consecutive month that business confidence fell, as the Ramaphoria effect seemed to dissipate.
Sacci said the biggest positive month-on-month influence on the BCI in July were merchandise export volumes, lower inflation and real retail sales.
But the decline in precious metal dollar prices, and the number of new vehicles sold made the largest negative month-on-month impact on the BCI in the period.
Richard Downing, an economist at Sacci, said it appears the downwards trend in the business climate since February has lost its momentum and confidence could turn more positive.