South Africa’s business confidence index (BCI) fell slightly to 83 points in August from 83,2 in July, pointing to a slow recovery from the country’s first recession in 17 years, a survey showed on Thursday.
The South African Chamber of Commerce and Industry (SACCI) said confidence levels remained near six-year lows, weighed down by weak demand and concern about an expected large budget deficit.
”The South African economy finds it difficult to gather momentum as the global economy lacks direction and domestic developments are contributing to a climate of uncertainty,” it said in a statement. — Reuters