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The South African Chamber of Commerce and Industry (SACCI) said Wednesday that its business confidence index declined to 106.9 in May, 4.2 points lower than in April.
The country's business confidence index has decreased 10.4 points since December 2022, when the reading stood at 117.3, the SACCI said, noting that the largest contributor to the decline in the short term was related to foreign trade relations.
The less merchandise import and export volumes, fewer inward tourists, and the weaker rand exchange rate against major trade and investment currencies contributed to the decline in the confidence index, the SACCI said.
On the positive side, there were more new vehicles sold in May, improved energy supply caused by a lower crude oil price and increased manufacturing output from a low "unenergetic" level, the chamber said, adding that South Africa's business climate might be settling down after the uncertain effects of electricity and the global trade recovers.
Official data showed earlier this month that the South African economy grew 0.4 percent in the first quarter of this year.
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Disinformation report hotline: 010-85061466