South African Business Confidence Little Changed on Economy

South African business confidence was subdued in October because of an outlook for weak growth in Africa’s biggest economy even as companies welcomed Finance Minister Pravin Gordhan’s mid-term budget.

The business confidence index rose to 92 from 91.7 in September, staying close to the 12-year low of 90.9 recorded in July, the Johannesburg-based South African Chamber of Commerce and Industry said in an e-mailed statement today. The index is compiled from 13 economic indicators, including retail sales, inflation and financial gauges, such as a stock-market index and currency.