The first-quarter FNB/BER consumer confidence index shows that most South African consumers are neither optimistic nor pessimistic about the outlook for the economy. The index dropped to two from seven, driven mostly by Eskom woes, and tax and fuel increases. The reading is in stark contrast to the first quarter of 2018 when the index soared to a record high of 26 after President Cyril Ramaphosa took over from Jacob Zuma. First National Bank chief economist Mamello Matikinca-Ngwenya joined Business Day TV to discuss the index and what the data suggests about a possible turnaround after the May 8 election.
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