Lower merchandise import and export volumes dragged the SA Chamber of Commerce and Industry (Sacci) business confidence index (BCI) down in May to its lowest level in almost two years, despite the waning Covid-19 pandemic and easing of lockdown restrictions.

Sacci’s index declined 4.4 points to 89.3 in May, down from 93.7 in April, 95.6 in March and 85.7 in September 2020. It is also 7.7 index points lower year on year. This was much lower than the 94.3 forecast...

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