South African business confidence rose to its best level ever in January.

According to the South African Chamber of Business (Sacob), its Business Confidence Index rose from 129.4 in December to 131 in January, a 0.1 index point better than September's 2004 record of 130.9.

Sacob noted the index has increased by four percent since September 2005 and has been especially progressive during December 2005 and January 2006.

The chamber added it is concerned that the push behind the mood is becoming more skewed, as a large part of the index level is caused by trends and developments in financial markets and financial variables rather than by real economic activity.

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SA's official statistics body produces a number of key indicators, including monthly inflation and quarterly GDP figures, unemployment and population counts.

ECONOMY UPDATE Business expectations remain positive Manufacturing output up 6.2% Retail sales increase Pension fund assets exceed R1-trillion Business confidence at record high Net reserves climb to $18.7bn Govt to spend R372bn on infrastructure Jan house price growth at 14.9% Interest rates unchanged Strong new vehicle sales Manufacturing hit by strong rand SA hotels boost occupancy levels Economic growth creating jobs Producer inflation rises Inflation dampens rate cut hopes