FX.co ★ South Africa Business Confidence Wanes in Q2

In the second quarter of 2025, the RMB/BER business confidence index in South Africa declined to 40, down from the near three-year peak of 45 that was recorded in both the first quarter and fourth quarter of 2024. This dip in sentiment is attributed to uncertainties in global trade and domestic logistical issues. RMB reported that every sector—including retail, new vehicle dealers, building contractors, and manufacturing—experienced a decrease in confidence. The wholesale trade sector stood out as the only area showing an improvement in confidence levels. "Most respondents are thus pessimistic about trading conditions. Although confidence remains above the average levels seen in 2023 and 2024, it has now dipped slightly below the long-term average," according to RMB.