The iBCI is a hybrid index derived from, firstly, a biannual business survey conducted in the iLembe District and secondly, a weighted index of financial and economic activity variables.
The iBCI 2023 Mid-Year was shaped by several macro and local factors - Eskom’s power generating woes with more Gigawatt hours being load shed in the first 5 month of 2023 than in the whole of 2022, damaged electronic equipment, reduced production capacity and increased operational costs as businesses invest in load shedding mitigation measures.
The cost-of-living crisis manifested itself in fuel, fertiliser, and stubbornly high food prices, setting the trend for headline inflation. Locally, the ongoing delay in repairs to infrastructure, specifically critical roads, following the KZN floods of 2022, the continued beach closures in the neighbouring eThekwini Metro, and business rescue interventions at Tongaat Hulett and Gledhow Sugar, formed the background to a challenging 1st half of 2023.
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