Biz confidence near five-year high

Saturday, 7 December 2024 00:31 - - {{hitsCtrl.values.hits}}

In its December edition, leading business magazine LMD reports that business confidence “shot up by 15 basis points to reach 154 in November, from 139 in the month prior.”

“This is the highest point the LMD-PEPPERCUBE Business Confidence Index (BCI) has reached in 2024 and the fourth month in which the barometer has crossed into triple digits this year – most recently last month, when the official rate of inflation entered negative territory,” it explains.

LMD notes that the index now stands 32 points above its all-time average of 122 and is 52 points higher than its 12-month average of 102. It adds: “What’s more, the BCI stood at a lowly 58 basis points only a year ago.”

A spokesperson for LMD notes: “It is ironic that the BCI is at a 59-month high because it was last at this level soon after the 2019 Presidential Election.”

She continues: “How corporates view the General Election outcome and expectations regarding the next budget will determine where the index heads next month.”

Meanwhile, PepperCube Consultants, in the magazine, says: “Long-term optimism regarding the economy and sales volumes has seen a slight improvement, following the boost in October.”

Media Services, LMD’s publisher, says the latest edition of the magazine will be released shortly. Its digital version will be shared on the publisher’s social media platforms by 1 December (the full BCI report will be uploaded on its website – www.LMD.lk).