South African business confidence softened in January after reaching its highest annual average in more than a decade last year.
A measure of sentiment compiled by the South African Chamber of Commerce and Industry (Sacci) dropped to 131.4 from 133.2 the previous month, while averaging 121.7 in 2025. The highest since 2013.
Read: SA business mood soars to 14-year high
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“Manufacturing, merchandise export volumes and the number of new vehicles sold negatively echoed through the business climate,” the corporate lobby group said in a statement on Wednesday.
Still, Sacci said the January data shouldn’t be viewed as overly negative. Despite the decrease, a tourism boom and surging share prices on the Johannesburg Stock Exchange support a more positive outlook, it said.
The FTSE/JSE All Share Index has climbed nearly 9% this year in dollar terms, buoyed by a rally in metals prices.
“Tourism is a vital driver of economic growth, with every 13 international tourist arrivals supporting one job,” President Cyril Ramaphosa said in his State of the Nation address last week.
Read: SA’s president vows renewed growth drive as markets soar
“Our tourism sector made history last year, recording the arrival of 10.5 million visitors.”
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