/ 11 October 1999

BUSINESS CONFIDENCE HITS THREE YEAR HIGH

THE country’s business confidence index increased by eight points in September to 100,2, its highest level since August 1996, the South African Chamber of Business said on Thursday. Positive influences included the further decline in average interest rates, lower inflation, a stable rand and a higher US dollar gold price, the chamber said. On the negative side, the index was influenced by lower export volumes and slack real retail sales. September’s figure was the first time the index has risen above the 100 level since the emerging market crisis last year and it has climbed since January this year’s low point of 82,5.