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Business confidence rises in July

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JOHANNESBURG – South Africa’s business confidence index rose to 96.0 points in July from 95.One out of June, lifted by using a firmer rand and improvements in export volumes and retails sales, a South African Chamber of Commerce and Industry (Sacci) survey showed on Monday.

“Nigeria experienced stronger merchandise export trade June and July 2016, as you move the rand gained a wholesome plus 10 % over a weighted rand exchange rate from the U.S. dollar, British pound along with the euro,” Sacci said inside a statement.

Sacci, however, stated it was concerned how the International Monetary Fund (IMF) and the SouthAfrican Reserve Bank had lowered economic growth projections for Africa’s most industrialised country.

“A concerted effort might be recommended to avoid even tighter economic conditions in 2017 as such lower economic growth holds additional repercussions for public finance, unemployment along with the real expense of borrowing,” Sacci said.

The IMF expects South Africa’s economy to progress by 0.One percent in 2010, whilst the central bank cut its 2016 growth forecast to zero.

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