The 2023 first quarter Business Expectation Survey results report has been released. The results of the Report indicate that firms’ level of optimism about business conditions is the same as in the previous survey (fourth quarter of 2022). Firms anticipate tight access to credit across all markets (Domestic, South Africa and Elsewhere), as central banks continue to increase policy interest rates and/or maintain the high interest rates amid elevated inflation. Firms expect cost pressures to be subdued in the first quarter of 2023, attributable to the relatively lower fuel prices, and expect inflation to decline though remaining above the Bank’s 3 – 6 percent objective range in 2023 and 2024. Overall, the anticipated improvement in Mining and Quarrying; Manufacturing; and Retail Accommodation, Transport and Communications sectors is expected to have a positive impact on domestic economic performance.
The full report is attached below: