Business confidence at low levels: Sacci

The Business Confidence Index (BCI) remained at a low level despite a slight rise of 0.5 in July, the SA Chamber of Commerce and Industry (Sacci) said on Thursday.

   

The July BCI increased by 0.5 to 90.7 from 90.2 in June.

 

"Although the BCI remains depressed, global economic conditions appear to be bottoming out," the organisation said in a statement.

   

"The openness of the South African economy is not only an opportunity and an advantage, but also a major challenge in that it compels South Africa to actively work at maintaining a competitive edge."

 

Sacci said South Africa had to address impediments to competitiveness in the interests of growth in economic activity.

 

"The depreciation of the rand by 16 percent year-on-year against the US dollar up to July may provide temporary relief, but the remedy in the medium to long-term lies with addressing specific competitive vulnerabilities of the South African economy that affect its competitiveness in the global market."

   

-Sapa