Business sentiment still gloomy in SA

SA’s business confidence stayed at a five-year low in the first quarter of this year, according to a survey.

Johannesburg - South Africa's business confidence stayed at a five-year low in the first quarter of this year, reflecting an overall dissatisfaction with the outlook for the economy, a survey showed on Wednesday.

The Rand Merchant Bank (RMB) index, which is compiled by the Bureau for Economic Research, was unchanged at 36, with confidence among manufacturers collapsing to levels last seen during a 2009 recession.

Read: Business is 'hesitant'

“Confidence has been deteriorating across all sectors for some time, and in certain cases quite sharply,” RMB said in a statement.

Sentiment in Africa's most industrialised economy has been bearish for months, and took a turn for the worse after President Jacob Zuma unexpectedly fired the finance minister in December, creating uncertainty over policy.

REUTERS