South African business confidence recovers from 35-year low

South African business confidence recovered from a 35-year low in July, boosted by improving global economic activity, but the measure remained well-below average, over worries about the slow re-opening of the economy and soaring local infections.

On Wednesday the South African Chamber of Commerce and Industry’s (SACCI) monthly business confidence index (BCI) rose to 82.8 per cent in July from 81.4 per cent in June.

The sentiment gauge had crashed to 70.1 in May; it’s lowest since the inception of the survey in 1985, and below last year’s average of 92.6 per cent.