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PwC focus on Business Confidence – 9 September 2020

09 September 2020 Lullu Krugel, Chief Economist for PwC Strategy Africa, and Dr Christie Viljoen, PwC Strategy& Economist

Business confidence starts recovery in 2020Q3

Sentiment could have worsened again due to loadshedding

The Bureau for Economic Research (BER) reported on September 9 that South African business confidence improved in the third quarter - though remained very pessimistic. After dropping to an all-time low of 5 in the second quarter, the Rand Merchant Bank (RMB)/BER Business Confidence Index (BCI) increased to a reading of 24 during 2020Q3. On a scale of 0 to 100, with 50 the breakeven point between pessimism and optimism, the latest print remains amongst the worst readings see since the turn of the millennium. During the global financial crisis of 2008-2009, for example, the lowest reading was 25 (2009Q3).

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