JOHANNESBURG - South Africa’s business confidence rose in July, with activity mainly supported by an increase in merchandise export volumes and retail sales as well as lower inflation, a survey showed on Wednesday.
The South African Chamber of Commerce and Industry’s (SACCI) monthly business confidence index (BCI) rose to 94.7 in July from 93.7 in June, the business body said in a statement.
SACCI said six of the thirteen sub-indices improved in July compared with their June readings, while three were unchanged.
“The biggest positive month/month influences in July were merchandise export volumes, lower inflation and real retail sales,” SACCI said in a statement.
Business confidence raced to a 2-1/2 year high in January after Cyril Ramaphosa’s election as leader of the ruling African National Congress in December, with the private sector anticipating business-friendly policy changes following years of uncertainty under former president Jacob Zuma.