Cape Town - Business confidence in South Africa has reached a level of despondency last seen during the 2009 recession, according to the latest RMB/BER Business Confidence Index (BCI) released on Wednesday.

Seven out of every 10 respondents were downbeat about prevailing business conditions. According to the index report, the sharp deterioration in sentiment reflects more than just the impact of increased political uncertainty.

The index report explains that, according to the SA Reserve Bank’s dating chronology, the current business cycle downswing is already 43 months in progress. This makes it the second longest one in South Africa’s history, only surpassed by the 1989 to 1993 downturn.