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The confidence index rose 2,1 points to 94,9 in June, though Sacci said the recovery was overshadowed by the uncertain global environment and South Africa would do well to sort out policy uncertainties that are weighing on business.

Proposed laws that look set to maintain South Africa's relatively rigid labour market were particularly worrying, Sacci chief executive Neren Rau said.

"The labour bills before Parliament are of deep concern and we're also concerned about the inflexibility of our labour market in comparison with our emerging market peers," Rau said.

"The world is growing less tolerant of too many mixed messages. Spectators and investors want clear messages and South Africa is not doing too well on that front."