Business confidence holds up despite global shocks

JOHANNESBURG - Business confidence eased slightly in March, but remains higher than a year ago. That's according to the South African Chamber of Commerce and Industry. The Business Confidence Index slipped to 131 down from February, but is nearly eight points higher than in March last year. The monthly decline reflects a weaker rand, softer markets and the impact of the Middle East war. READ | Higher fuel prices threaten inflation outlook Stronger vehicle sales, tourism and lower inflation helped support sentiment. The chamber warns that weak trade volumes, high energy costs, restrained retail spending, and subdued manufacturing continue to weigh on the real economy. The chamber adds that South Africa now has an opportunity to turn improved sentiment into meaningful economic growth. This provided policy certainty and an investor environment are sustained.