Business confidence in SA sinks to 21-year low
JOHANNESBURG – Business confidence in South Africa sank to a 21-year low in the first quarter of the year.
Rand Merchant Bank (RMB) yesterday reported that its Business Confidence Index (BCI) slumped to 18 points in the quarter, following a marginal increase to 26 in the fourth quarter of 2019. RMB said the first quarter’s drop was due to a turnaround in confidence in building, manufacturing and retail trade – sectors that had showed improvements in the fourth quarter.
It said sentiment in the building sector plummeted 16 points to a 22-year low of 15, while manufacturing fell from 24 to 17, as plunging domestic and export sales forced manufacturers to slash production further.
Source: iol.co.za
