ECONOMIC PROSPECTS
Consumer confidence still low as recession batters SA
South African consumers remain pessimistic about the country’s economic prospects, a leading indicator shows. The latest reading of the First National Bank (FNB)/Bureau for Economic Research consumer confidence index shows sentiment among consumers remained depressed in the first half of the year. Consumers were most affected by the recession and downgrades to SA’s sovereign credit ratings. Low consumer confidence correlates with weak spending among households. FNB senior economic analyst Jason Muscat said: “Bar a swift, confidence-inspiring change to SA’s current political landscape, consumer spending is likely to remain depressed during the remainder of 2017.” Old Mutual Investment Group economic strategist Rian le Roux said at a media briefing in Sandton on Wednesday that SA urgently needed a recovery in confidence to avoid a deep structural decline. “In the absence of a material recovery in business, investor and consumer confidence, SA is at risk of getting trapped in a protrac...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.