South African Business Confidence Falls to Five-Month Low
South African business confidence fell to 131.3 in March. The decline reflects trade disruptions and energy cost concerns linked to the ongoing Iran conflict.
Business sentiment in South Africa dropped to its lowest level in five months during March. The decline was primarily driven by a weakening USD/ZAR exchange rate, a contraction in trade activity, and volatility in equity markets linked to the ongoing conflict involving Iran.
Data released on Tuesday by the South African Chamber of Commerce and Industry (SACCI) showed that its Business Confidence Index (BCI) retreated to 131.3 in March, down from 134.6 in February. The chamber, which publishes the index on a bimonthly basis, noted that the current unease is manifesting in dampened real economic activity, specifically within retail trade and export volumes.
