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Consumer Confidence Index confirms SA economy struggling

This has been attributed, in part, to the credit rating downgrades and the recession.

Picture: sxc.hu

CAPE TOWN - The latest Consumer Confidence Index confirms, yet again, that the country’s economy is in the doldrums.

The Bureau for Economic Research released the findings of its study this week.

The data shows that despite a pick-up from the previous period, the index for quarter two still came in at – 9, meaning that economic morale remains subdued.

This has been attributed, in part, to the credit rating downgrades and the recession.

Economist Jason Muscat emphasises that policy certainty is key in turning the situation around.

“Things were looking up at the beginning of the year. We were expecting higher growth than where we are now. But, the Cabinet reshuffle and subsequent rating downgrade introduced a lot of uncertainty. And consumers are now telling us that the expectations for the next 12 months for economic growth are considerably lower.”

(Edited by Zamangwane Shange)