WATCH: Why business confidence has slipped

The SA Chamber of Commerce and Industry’s (Sacci) business confidence index (BCI) declined to 93.0 points in May from 93.7 in April.

The figure is below the five-month average of 93.4 points, and below the average 95.5 points for 2018.

Sacci said that subdued global economic activity has caused SA’s growth momentum to subside, despite the hope that the newly elected government will help to provide a better business environment.

“There is an air of optimism as stakeholders seem prepared to give [President Cyril] Ramaphosa an opportunity to deliver on his promises, coupled with his commitment to drive performance, and to be held personally accountable. This bodes well for business confidence, although time will tell if, indeed, words translate into action and results,” the statement read.

Business Day TV caught up with Sacci chief economist Richard Downing for more detail.