Consumer confidence plummets in the first quarter

With exactly two-weeks before the national election, most South African consumers are neither optimistic nor pessimistic about the outlook for the economy. This according to the first quarter FNB/BER Consumer Confidence Index which dropped to +2 from +7 largely driven by Eskom woes, 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.

Chief Economist at FNB Mamello Matikinca-Ngwenya spoke to Business Day TV about the latest consumer confidence index reading and what the data suggests about a potential turnaround post the election.