Oct. 6 (Bloomberg) -- South African business confidence was little changed in September as the outlook for the recovery in Africa’s largest economy remained subdued, the country’s Chamber of Commerce and Industry said.
Its business confidence index fell to a 16-month low of 98.4 from 98.6 in August, the Johannesburg-based chamber, known as Sacci, said in an e-mailed statement today. The index is compiled from 13 economic indicators, including retail sales, inflation and financial gauges, such as the stock index and the currency.
“Global events did, and will even more so, affect the South African economy negatively in the months to come,” Sacci said. “Under the present circumstances, businesses will experience greater strain as they will not be able to pass on cost escalations.”
The country’s gross domestic product expanded an annualized 1.3 percent in the second quarter, the slowest pace in almost two years, as manufacturing and mining output plunged, according to Statistics South Africa.
--Editors: Gordon Bell, Nasreen Seria
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