- South Africa’s business confidence climbed to its highest level in five months in July helped by a firmer currency, falling inflation and an increase in vehicle sales, a survey showed on Tuesday.
- The South African Chamber of Commerce and Industry’s monthly business confidence index accelerated to 95.3 in July from 94.9 in June. It was the highest level since February 2017.
- The business group said the main contributors to the improvement were made by higher vehicle sales, more building plans passed, lower inflation and higher share prices.
- Africa’s most industrialised economy slipped into recession in March, while political scandals and policy uncertainty, including a no-confidence vote against President Jacob Zuma later today, have dampened investment.
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