Business confidence rebounds in Q4 as sentiment lifts across most sectors

SOUTH Africa recorded a welcome rebound in business sentiment in the final quarter of 2025, with the RMB/ BER Business Confidence Index (BCI) rising by five points to 44, its highest level this year and three points above the long-term average.

- SIPHELELE DLUDLA

RETAIL confidence also surged, climbing 11 points to 43 as sales volumes held up against strong year-earlier levels, suggesting more resilient consumer spending heading into year-end.

(OUPA MOKOENA Independent Media)

The improvement follows two consecutive quarters of decline and reflects a broad recovery across five of the six sectors surveyed. Only building contractors reported weaker sentiment.

RMB said the latest uptick represents a “green shoot” - promising, but still fragile - and stressed that continued structural reform and steady demand will determine whether business confidence strengthens sustainably.

According to RMB Chief Economist Isaah Mhlanga, the uptick is not a dramatic shift but marks a “meaningful turn in the right direction”

“The key positive is that the improvement is broad-based. Even among building contractors, the only sector to dip this quarter, sentiment remains close to its long-term average,” Mhlanga said.

“While this is not a step-change, it is a meaningful turn in the right direction”

The survey was conducted between 10 and 24 November, a period marked by several positive developments.