South African businesses are buckling under the weight of the energy crisis.
Confidence in South Africa’s other services sector has plummeted in the first quarter of the year, the latest data from the Bureau for Economic Research shows, as companies drop services in favour of higher spending on load shedding solutions.
Although the other services sector contributes a considerable 22% to GDP and employment, the BER does not include it in the BCI to safeguard its advanced signalling properties.Confidence in the transport sub-sector collapsed to 14 and in the crucial3 business service sub-sector fell from 64 to 47. Part of the exceptionally strong year-on-year growth could be attributed to a base effect, the BER said.
The rate of increase in selling prices in the hotels and restaurants sector skyrocketed as accommodation rates increased and restaurants had to adjust their menu prices sharply upwards to compensate for higher food prices and load-shedding costs.Road freight transport and other supporting services – such as travel agencies, cargo handling and freight forwarding – had to contend with higher fuel costs, fierce competition and delays at ports over the period.
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