Africa-Press – South-Africa. South African business confidence surged to its highest level since 2011 in November, boosted by a tourism boom.
A measure of sentiment compiled by the South African Chamber of Commerce and Industry rose to 132.3 in November from 123.8 in the previous month.
“By far the most positive short-term impact on business sentiment in November came from the substantial increase of overseas tourists,” the business lobby group said in a statement on Thursday.
The release adds to other positive data suggesting that Africa’s largest economy is regaining momentum, including consumer sentiment advancing in the fourth quarter to the highest level for 2025, in an encouraging sign for household confidence heading into the holiday season.
Still, Sacci warned that the November data should be viewed with circumspection.
Despite the increase in overseas tourism, there are some important physical economic activities that are lagging and represent a slow growing economy in need of investor confidence and fixed investment, it said.
“The current BCI level may, however, inspire structural economic policy adjustments that could attract local and foreign capital to support higher economic growth, employment and inclusion to share in value added and wealth creation,” the chamber said.
Notably, the swing in business confidence joins a host of other confidence indices that have turned positive in recent weeks.
Following two consecutive declines, the RMB/BER Business Confidence Index rose by five points to 44 in Q4 2025.
The FNB/BER Building Confidence Index rose to a joint 10-year high of 43 in Q4 2025.
The confidence among new vehicle dealers increased to an index level of 58, the highest since 2021. Retail and wholesale trade confidence indicators both improved in Q4 to 43 and 42, respectively.
On the consumer front, the FNB/BER Consumer Confidence Index (CCI) recovered from -13 in Q3 2025 to -9 in Q4.
Analysts have noted that, over time, higher confidence levels will support higher economic activity levels and boost the economy.
However, the positives need to be tempered by the reality that South Africa is still in challenging territory and not everything is being swept up in the wave of optimism.
“It is essential that real economic activity matches up with financial expediency for business confidence to steady up and be sustainable,” SACCI said.
South Africa’s economic growth slowed in the third quarter, to 0.5% from the previous quarter’s 0.9% expansion. For 2025 as a whole the National Treasury predicts modest growth of 1.2%.
With Bloomberg, and additional reporting by Reuters
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