– NOVEMBER 2024
Embargo: 11:30 – 10 December 2024
Business Confidence Gaining Traction
The broader political representation in the administration of national government has
facilitated a positive assessment of economic prospects by business. This positive
assessment spilled over into the business climate, improving sentiment and stability, as
reflected by the sub-indices from which the SACCI Business Confidence Index (BCI) is
compiled. The BCI has, since the formation of the new administration in June 2024,
improved gradually from a low level of 107.8 in May 2024 to 118.1 in November 2024 –
a 10.3 index-point improvement. Over the year to November 2024, the BCI improved by
6.6 index points.
In the short term (month-to-month), between September 2024, October 2024, and
November 2024, the BCI improved by 3.6 and 3.4 index points, respectively, after the
dip of 1.2 index points in September. Only two of the fourteen sub-indices had a
negative bearing on the BCI in October 2024, and despite the five sub-indices that
turned slightly negative in November, the BCI still improved by 3.4 points in November.
There was no sub-index that had a significant negative effect on the BCI in November.
SACCI’s BCI increased by 6.6 index points year-on-year in November 2024 – the
largest year-on-year improvement for a month since the Covid-19 restrictions were lifted
in December 2022. More inward tourist numbers, higher precious metal prices, and
increased new vehicle sales made the most notable positive impact on the BCI in
November. Lower merchandise import volumes had the only noteworthy negative
impact on the BCI.
SACCI noted with concern and disappointment the slow economic growth of 0.4% y/y
for the first nine months of 2024, which reflects the perplexing situation the South
African economy finds itself in. The strong upward momentum of business confidence,
however, confirms the resolve and understanding by the private business sector to
contribute and play its respective role to improve economic performance.
This private sector effort must, however, be complemented by an efficient and proficient
public sector. The collaborative effort between business and the public sector could see
the translation of improved business confidence into investor confidence, higher and
sustainable economic growth, and job creation.
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info@sacci.org.za
www.sacci.org.za
SOUTH AFRICAN CHAMBER OF COMMERCE AND INDUSTRY
Non-Profit Company (NPC): Reg No. 1945/020230/08 VAT No. 4840111670
Directors: M Xulu (President), N Malefane (Deputy President), N Pollock (Vice President/ Treasurer),
M Motshumi (Chamber Forum Chair), L Blackbeard, C Dlamini, N Grimsel, H Ndlovu, M Jacobs, A Mahomed, K Madingoane,
V Pierce, K Timmal, N Van Wyk, A Mukoki (CEO)
For more information, contact:
Alan Mukoki SACCI CEO 082 551 1159
Richard Downing SACCI Economist 082 822 5566
For a full background to this month’s SACCI BCI see the full BCI report on
www.sacci.org.za
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