Business confidence is at its lowest level since the 2009 recession. According to the RMB/BER business confidence index (BCI), confidence plummeted 11 points to 29 in the second quarter of 2017. Business confidence has stayed between 32 and 42 index points in the past year A score below 50 indicates damped confidence. Seven out of every 10 respondents said they were downbeat about prevailing business conditions. All five sectors covered in the survey (manufacturing, retail trade, wholesale trade, motor trade and the building sector) have a reading below 50. In a statement released on Wednesday, RMB said: "The sharp deterioration in sentiment reflects more than just the impact of increased political uncertainty. While the Cabinet reshuffle and consequent sovereign credit rating downgrades undoubtedly played a role, confidence was also knocked hard by persistently weak business activity." It said a decline of confidence across all five sectors "is not a regular occurrence". "In fact, ...
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