SA business confidence up in October - Sacci
The South African Chamber of Commerce and Industry (Sacci) says that business confidence levels in South Africa were up for the month of October.

Sacci released its monthly Business Confidence Index (BCI) on Wednesday, noting the current depressed mood among South African businesses.

"The BCI improved by a meagre 0.3 index points from 91.7 in September 2012 to 92 in October 2012 and, although not convincing, the October number has at least contained the deterioration in the business confidence index," said Sacci.

The BCI indicates that in October 2012, the index was 5.5 points below its October 2011 level; however it was better than Septembers level based on year-on-year performance for 2012, which reflected a 6.7 point difference.

According to Sacci the positive reactions were largely based on the positive response from Finance Minister, Pravin Gordhan's, Medium-Term Budget Policy Statement (MTBPS) presented before Parliament in October.

In the BCI report, the Chamber noted with concern that the predicted budget deficit could reach 7% of Gross Domestic Product, it the countries current export and import trends persist, with the deficit widening 6.4% in the second quarter.

Sacci's BCI comprises of 13 economic indicators, which also include inflation and retail sale figures.
Last Modified: 2012-11-08 14:00:08
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