StatsSA Survey: 4 out of 10 business not confident they will be able to continue
Tue, 21 April 2020
Most businesses anticipate that the coronavirus pandemic will impact tem substantially more than the 2008/2009 global financial crisis, according to a survey conducted by Stats SA.
The rapid response survey of 700 businesses in the formal sector explored the pandemic’s impact on turnover, trading, workforce, imports and exports, purchases, prices, as well as business survival.
Approximately 85% of businesses surveyed reported turnover below the normal range, with respondents in the construction, real estate and other business services, and transport industries the most affected by lower than expected turnover.
According to the survey, an alarming 42.2% of respondents indicated that they were not confident about having the financial resources to continue operating through the COVID-19 outbreak.
In response to a question asking how long they could continue to operate without turnover, 54% of respondents indicated that they were able to survive for between 1 to 3 months.
The industries reporting the highest percentages of temporary closure or paused trading activity were construction, manufacturing, trade and mining, according to Stats SA.
Respondents indicated that they have implemented a range of measures to cope with the impact of the pandemic on their workforce, including decreasing working hours and laying off staff in the short term.
Only about one in four businesses indicated that they had not taken any measures yet.
Micro businesses with an annual turnover of less than two million rand were not included in the survey.
The myDorpie news coverage of the coronavirus crisis is particularly focused on official regulatory and other news obtained from official sources and documents.
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