South African business subdued in October

0
South Africa
South Africa

South Africa’s trade conditions remained subdued in October with 59 percent of the respondents positive about trade expectations, the South African Chamber of Commerce and Industry (SACCI) said Wednesday.

All components of trade activity remained unpredictable over the past 10 months with the notable exception of input and sales prices that were maintaining increased levels, said Alan Mukoki, CEO of the SACCI.

Mukoki said the country’s employment sub-index went down to 42 in October from 49 in August due to the restrained trade conditions.

“Inflationary pressures were intensifying over the 10 months to October 2022 with a concomitant monetary policy stance that became stricter. This notably left households in a difficult position as unemployment subdued salary and wage increases (being below the inflation rate) and the effect of business finding it hard to remain viable,” he said.

According to the SACCI, 58 percent of the respondents expressed positive expectations about trade conditions in the coming six months. Enditem

Send your news stories to newsghana101@gmail.com Follow News Ghana on Google News

LEAVE A REPLY

Please enter your comment!
Please enter your name here