Johannesburg - South Africa's business confidence edged higher in April, but remained at worryingly low levels as companies grapple with subdued global and domestic economic growth, a survey showed on Friday.
The South African Chamber of Commerce and Industry's (SACCI) Business Confidence Index inched up to 82.5 in April from 81.2 the previous month, recovering further after slipping to its lowest in 23 years in December.
The index is, however, still down 7.4 index points on a year-on-year basis, SACCI said in a statement.
“South Africa is in the downward phase of the business cycle since December 2013 and the weak and uncertain global economic prospects are weighing heavily on business confidence,” it said.
REUTERS