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Business confidence slips to 10-year low

Johannesburg - Business confidence remained fragile and in decline last month, the SA Chamber of Commerce and Industry (Sacci) said on Thursday.

The Sacci Business Confidence Index (BCI) sank from 93 in February 2013 to 90.4 last month, the lowest level reached since April 2000.

"The BCI continues its downward trend while the South African economy is officially still in an upward phase of the business cycle," said Sacci CEO Neren Rau.

In March 2013, the BCI was 5.3 points below the March 2012 level and 2.6 points lower than in February 2013.

"Although the year-on-year difference reduced somewhat in March 2013, it occurred at a stage where the business climate is at a disturbingly low level," said Rau.

The monthly decline was largely caused by the indicators of the financial environment deteriorating, Rau said.

Sub-indices on inflation, the rand exchange rate, borrowing, share prices, and precious metal prices all turned negative from the previous month, he said.

"The financial environment was more restrictive than a year ago and may weigh on an already stressed real economy," Rau said.

"The continued weakening of the rand is of special concern while inflationary expectations could be on the rise."

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