South Africa Business Sentiment Hits 1-Year Low in Q3

The RMB/BER business confidence index in South Africa eased further to 39 in Q3 2025, the lowest since Q3 2024, from 40 in the prior period. This is three points below the long-term average level of 42, mainly reflecting concerns over the impact of US tariffs. On 7 August, US President Donald Trump imposed tariffs after a three-month pause, leaving South African businesses facing the reality of an unfavorable trade deal. “Front-loading, cancellations and production holidays in the automotive sector, for example, also affected activity over the period,” said Isaah Mhlanga, Chief Economist at RMB. Among all sectors, manufacturing recorded the lowest sentiment, with its gauge falling 10 points to 23 amid ongoing global trade uncertainty. The retailers index dropped 10 points to 32, and the wholesalers gauge declined 12 points to 38, while two sectors – building contractors and new vehicle dealers – saw their confidence improve from weaker second-quarter readings.