JOHANNESBURG, Aug. 8 (Xinhua) -- South Africa's monthly business confidence index improved for the first time this year in July, said South African Chamber of Commerce and Industry (SACCI) on Wednesday.
SACCI said the business confidence index rose from 93.7 in June to 94.7 in July. SACCI however noted that the business confidence index was still below where it was a year ago at 95.3 points.
"Although there are still major economic challenges facing South Africa, it appears the downward trend in the business climate since February 2018, has lost its momentum and confidence could turn more positive," said SACCI in a statement.
The positive month on month business confidence index was caused by the lower inflation, real retail sales and merchandise export volumes.
SACCI stated that the country also needs a stable socio-political environment that enhances economic performance and business confidence.
"A positive business climate mainly depends on the removal of economic policy uncertainties and the nurturing of all global economic relations for the benefit of South Africa and all its people," said the statement.
