SA's business confidence recovers
Sep 06 2012 11:55 Reuters
Johannesburg - Business confidence in South Africa rebounded to a five-month high in August mainly as sentiment about real economic activity improved in the month regardless of labour clashes in the mining sector, a survey showed on Thursday.
The Business Confidence Index (BCI) rose 4.1 points to 95 in August, climbing out of its previous 12-month low in July, data from the South African Chamber of Commerce and Industry (Sacci) showed.
Sacci said diversity in the South African economy made it less vulnerable to specific events, such as the platinum sector strife in which 44 people were killed last month.
However the business group said it was concerned about the negative investor sentiment related to the mining sector.
"While the sector remains under severe operational and competitive pressures, mines are also burdened by the militant labour behaviour that undermines the sector's investment appeal," it said.
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