Business confidence rebounded in the third quarter, reaching its highest level in two-and-a-half years. A surge of optimism within the motor industry and the trade sector was the main driver of the jump in the business confidence index produced by Rand Merchant Bank (RMB) and the Bureau for Economic Research. That drove the overall index up from 36 in the second quarter to 47 in the third quarter, its highest since the first quarter of 2008, though still well below the neutral level of 50.
New vehicle dealer confidence rose to its highest level in 4 years when its index points surged up to 79 from 49. The industry as a whole enjoyed massive improvements, and sales grew by almost 37% on the year last month and close to 13% higher than July. Despite these positive results, the impact of the carbon tax is yet to be seen.
Retail confidence also climbed, rising by 14 index points to 52 and wiping out all the losses of the second quarter. Wholesale confidence rose to 50 from 47. That was also in line with more positive data on the retail sector — SA’s fourth-biggest — and a recovery in consumer spending, the main growth engine of the economy.
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