Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » ‘S. Africa’s business confidence index falls slightly in first quarter’

    ‘S. Africa’s business confidence index falls slightly in first quarter’

    March 8, 2023
    Share
    Facebook Twitter LinkedIn WhatsApp
    *Workers sort avocados at a farm factory in Nelspruit, Mpumalanga province, about 51 miles (82 km) north of the Swaziland border, South Africa, June 14, 2018. REUTERS/Siphiwe Sibeko

    Bengaluru — South Africa’s business confidence fell in the first quarter, dragged by long hours of power outages and deteriorating household income, a survey published on Wednesday showed.

    A survey by the Rand Merchant Bank (RMB) and compiled by the Bureau for Economic Research showed the business confidence index dropped to 36 points in the first quarter from 38 points in the previous three months.

    While the outcome could have been worse given the severity of power outages and the associated drop-off in business activity, the result is nonetheless disappointing, the survey of 1,050 executives said.

    Manufacturing confidence slumped nine points to 17, a rare low according to the survey, as the sector bears the brunt of intense loadshedding and dilapidated infrastructure.

    Retail confidence also dipped to 34 from 42, as loadshedding reduced trading hours and diesel generators increased operating costs.

    South African state power utility Eskom is implementing the worst rolling blackouts on record, leaving households in the dark for up to 10 hours a day and forcing retailers to crank up diesel generators for hours, which is putting pressure on their margins.

    However, business confidence of contractors and sub-contractors combined rose to 49 in the quarter buoyed by a surge in the installation of renewable energy and other load-shedding mitigation measures.

    “A thin silver lining attached to loadshedding must not distract from the devastating blow loadshedding specifically, and failing rail, road, and port infrastructure more generally, are inflicting on the economy,” said Ettienne le Roux, chief economist at RMB.

    “The urgent need of a united public and private sector effort to fix disruptive supply-side bottlenecks cannot be tressed enough,” added le Roux.

    *Prerna Bedi; Editing: Shailesh Kuber – Reuters

    Follow us on twitter

    Related News

    AfDB strengthens capacity to tackle illicit financial flows

    FG, States, LGCs share N1.659 revenue in May 2025

    FAAC disburses N1.659trn for May as VAT, CIT revenues surge

    E-book
    Resilience Exhibition

    Latest News

    Shell faces legal storm over pollution after N/Delta onshore exit

    June 23, 2025

    HSBC, Goldman Sachs see Brent oil hitting $80-110/b

    June 23, 2025

    Oil falls nearly 4% as Iran’s retaliation focuses on regional US military bases

    June 23, 2025

    Trump tells everyone to keep oil prices down after Iran attacks

    June 23, 2025

    Golar LNG reaches crucial milestone for Greater Tortue Ahmeyim project

    June 23, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.