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South African business sentiment recovered in the third quarter from an almost three-year low, though power outages, high interest rates and outbreaks of social unrest continue to weigh on confidence.
A quarterly business confidence index compiled by FirstRand Ltd.’s Rand Merchant Bank and Stellenbosch University’s Bureau for Economic Research rose to 33 in the three months through September from 27 in the prior quarter, according to a report published on Wednesday. The recovery was driven by retailers who saw profitability improve on more moderate purchasing price increases, even as sales overall remained soft.
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