Business confidence in the Western Cape has topped South Africa’s business confidence level, outshining any other province.
This is according to the latest RNB/BER Business Confidence Index (BCI), which reported a three-point uptick in confidence levels in the province between the fourth quarter of 2023 and the first of 2024.
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This is an improvement from 37 points to 40 out of a possible 100.
Mireille Wenger, provincial minister of finance and economic opportunities, says this is the third consecutive increase in business confidence in the province and the longest sustained increase in Western Cape business confidence since the second quarter of 2018.
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‘When we combine the BCI with the fact that 4 out of 5 (78.9%) of all net jobs created over the 5 years were in this province, we get a good indication that our economic action plan, “Growth for Jobs”, which seeks to enable private-sector led growth to achieve an R1 trillion, jobs-rich, diverse, resilient and thriving economy, growing at between 4% and 6% by 2035 – is having an impact.;’
‘It is also notable that the Western Cape business confidence far exceeds its provincial counterparts, Gauteng and Kwazulu-Natal, who are at 23 and 18 points, respectively, for the same period,’ she adds.
‘Make no mistake, we have a lot more work to do. But this tells us that the policies, plans and actions taken by the Western Cape Government to enable the private sector to do what it does best – grow and create jobs – are having a positive impact on businesses in the province.’
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