South Africa's business confidence deteriorated to the lowest level in three years in March, after rising in the previous month, data from a survey by the South African Chamber of Commerce and Industry (SACCI) showed Tuesday.
The consumer confidence index dropped to 95.7 in March from 99.5 in February, which was up by 2.4 points from the previous month. The latest figure was the lowest since March 2009, when the reading was 93.1. The decline in the index reflected the precarious recovery in the global economy, the agency said.
All sub-indexes deteriorated or remained neutral compared to the previous month. Three of the six sub-indexes were negative and three were neutral.
Negativity also emerged in an annual comparison in March, with nine sub-indexes making negative contribution as compared to a year ago, the agency said.
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