The RMB/BER business confidence index in South Africa fell by 8 points to 39 in Q2 2026, the lowest since Q3 2025, reversing the prior two quarters of improvement and moving just below its long-term average of 40. This is the lowest level since Q3 2025, as businesses faced renewed pressure from the Middle East war, which clouded the outlook for inflation and interest rates. All sectors recorded declines, led by consumer-related industries. “Businesses have had to adjust quickly to a less-supportive outlook, which weighed on sentiment across most sectors,” said Isaah Mhlanga, chief economist at RMB. “Many respondents indicated that uncertainty had increased and that clients had become more cautious about spending and investment decisions.”, he added.

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