(Bloomberg) -- South African consumer confidence declined to its lowest level in more than a year in the first quarter as expectations of an economic recovery dimmed.
The consumer-confidence index was at 2 in the first three months of this year, dropping from 7 in the previous quarter, FirstRand Ltd.'s First National Bank retail-lending unit said in an emailed statement on Wednesday. While a net majority of consumers remain positive, the gauge is at its lowest level since the final three months of 2017 and well off the record high of 26 when Cyril Ramaphosa took over as president a year ago.
“For the first time in just more than a year, consumers do not expect South Africa's economic prospects to improve over the next 12 months,” it said.
To contact the reporter on this story: Gordon Bell in Johannesburg at gbell16@bloomberg.net
To contact the editors responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net, Gordon Bell, Vernon Wessels
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