May 7, 2020 / 9:40 AM / 21 days ago

South African business confidence sinks to 35-year low in April - SACCI

JOHANNESBURG, May 7 (Reuters) - South African business confidence dropped to its lowest since 1985 in April as the coronavirus pandemic hit export volumes as well as local demand, a survey showed on Thursday.

The South African Chamber of Commerce and Industry’s (SACCI) monthly business confidence index (BCI) fell to 77.8, its lowest since the inception of the survey 35 years ago, from 89.9 in March.

“Striking negative monthly impacts on the BCI were caused by the lower volume of merchandise exports, the weaker exchange rate of the rand, and less new vehicles sold – all mainly due to the lockdown,” SACCI said in a statement. (Reporting by Mfuneko Toyana; editing by John Stonestreet)

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