Despite the BCI still being in negative territory, the BETI for August showed continuing recovery albeit at a slower pace than previous months
Business confidence recovered in the third quarter, pulling back from its worst slump on record in the previous three months, as SA’s economy began opening up in earnest.
The BCI surveyed 1,800 respondents across five sectors: manufacturers, building contractors, retailers, wholesalers and new-vehicle dealers. The index’s neutral mark is 50, with a reading below that deemed negative. “While no doubt discouraging, the improved RMB/BER BCI in the third quarter is supportive of these figures representing the worst point for this cycle”, chief economist at RMB Ettienne Le Roux said in a statement.
“The government, in conjunction with the private sector have much work to do to rebuild an economy that just suffered a devastating blow from the coronavirus- induced global as well as local shock.” The business confidence figures follow the release of consumer confidence figures earlier this week, which revealed that, despite a comeback from record lows in the second quarter, consumers’ confidence remains weak.
The BETI measures transactions captured by automated clearing house BankservAfrica including card, ATM and EFT payments, and gives insight into the underlying economic activity.
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