Business confidence ticked up for the month of November, the South African Chamber of Commerce and Industry (SACCI) said on Thursday.
”The up-tick in the Business Confidence Index [BCI] in November 2008 may suggest that the impact of the global financial instability on the South African economy may be perceived to have eased,” the SACCI said in Johannesburg.
The SACCI BCI ticked up by 2,5 index points in November to 86,7 after plummeting by 5,7 index points to 84,2 in October.
”The movements in the SACCI BCI over the last two months mirror the volatility and uncertain conditions in the business environment.”
The downward trend in the BCI since the first quarter of 2007 was aggravated by the global financial turmoil that peaked in October 2008, SACCI noted.
”The subsequent real global economic effects are, however, likely to keep the SSACCI BCI under pressure in the short to medium term.” — Sapa