South Africa’s business confidence drops 6-month low

South African business confidence has fallen to its lowest level in six months on the back of electricity shortages and a weaker currency, a leading survey showed on Thursday.

The South African Chamber of Commerce and Industry’s Business Confidence Index said the drop in the business confidence index dropped to 88.3 in December from 90.8 the previous month was a “matter of grave concern”. It is the lowest level since July, when it stood at 87.9 points. South Africa’s economy is in difficulty, beset by slow growth of around 1.4 percent, high unemployment, a weaker rand and now electricity shortages.