South Africa's business confidence fell for third month in a row in April impacted by lower merchandise export volumes and new vehicle sales as well as a weaker rand currency, a survey showed on Wednesday.
The South African Chamber of Commerce and Industry's (SACCI) monthly business confidence index (BCI) fell to 96.0 in April from 97.6 in March, the chamber said in the statement.
Business confidence hit a 2-1/2 year high in January after Cyril Ramaphosa's election as leader of the ruling African National Congress in December raised expectations of credible and business-friendly environment following years of policy uncertainty under then president Jacob Zuma.
Investors enthusiasm however has since been tempered, mainly by external factors, with the rand slipping to four-month lows recently, as the US central bank began raising lending rates, drawing investment offshore.
SACCI said business confidence would begin to rise again as economic reforms under new political leadership restored the South African economy to its full potential.
"A simultaneous phase of the restoration process has to address the revival of economic growth and employment opportunities," the chamber said.
"These include service delivery by public sector institutions as well as creating a solid base for future sustainable economic growth."