JOHANNESBURG - Confidence among South African businesses reached its highest level since June in September, driven by increased merchandise export volumes and a stronger rand exchange rate among other factors, a survey showed on Wednesday.
The South African Chamber of Commerce and Industry's (SACCI) business confidence index improved by 3.3 index points to 92.4 in September compared with August, but was down 0.9 points year-on-year.
Other positive drivers for the month included increased new vehicle sales and the higher real value of building plans passed, while a small negative effect on the index came from higher core inflation.
"Apart from the SACCI BCI that suggests a possible about turn for the business climate in September 2019, there are indications that the economy may have hit a trough and could obtain some stability albeit at a subdued level," the business chamber said.
It said the current improved business climate called for continued positive action to retain the business and economic momentum and provide certainty on economic policy direction.