December 6, 2018 / 10:01 AM / 6 days ago

South African business confidence index rises in November

Mine workers employed at Sibanye Gold's Masimthembe shaft operate a drill in Westonaria, South Africa, April 3, 2017. REUTERS/Mike Hutchings

JOHANNESBURG (Reuters) - South Africa’s business confidence rose for a third consecutive month in November, boosted by higher export and import volumes and manufacturing output, a survey showed on Thursday.

The South African Chamber of Commerce and Industry’s (SACCI) monthly business confidence index rose to 96.1 in November from 95.8 in October, the business body said in a statement.

Three of the 13 sub-indices surveyed in November improved compared with October, while three were unchanged and seven were negative, showing that South African businesses are still under pressure on many fronts.

Investor sentiment remains cautious, despite data showing Africa’s most industrialised economy expanded 2.2 percent in the third quarter, snapping out of recession after a revised 0.4 percent contraction in the second quarter.

“South Africa’s economy continues to face various limitations due to inadequate growth, growing public debt, capital outflows, world trade tensions, fiscal constraints and several socio-political challenges that prevent optimal economic performance,” SACCI said in a statement.

President Cyril Ramaphosa is trying to revive the economy after a decade of stagnation under former president Jacob Zuma.

Ramaphosa has unveiled a “stimulus package” and is seeking to boost investment into the country.

Reporting by Nomvelo Chalumbira; Editing by James Macharia

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