JOHANNESBURG-- South Africa's business confidence rose in July for the first time in six months, the South African Chamber of Commerce and Industry (SACCI) said Wednesday.
The chamber's Business Confidence Index (BCI) gained one index point in July 2018 and was 94.7 compared with 93.7 in June 2018.
Whereas the downward momentum of the BCI slowed in June 2018, the BCI made a marginal upward turnaround in July 2018, the SACCI said in a statement here.
The business climate benefited from sub-indices reflecting both real economic activity and the financial surroundings. Only two of the seven real-activity sub-indices had negative month-on-month influences, and two of the six financial sub-indices had negative month-on-month effects on the BCI in July 2018.
The biggest positive month-on-month influence on the BCI in July were merchandise export volumes, lower inflation and real retail sales.
Merchandise import volumes, the decline in precious metal US dollar prices and the number of new vehicles sold, made the largest negative month-on-month impact on the BCI in July.
The lower BCI in July 2018 compared with July 2017 was mainly the result of less merchandise import volumes; the weaker, weighted rand, and decreasing share prices on the Johannesburg Stock Exchange (JSE).
Source: NAM NEWS NETWORK