South African consumer confidence recovered in the second quarter as a proposed increase in consumer taxes was scrapped and an impasse in the coalition government over the budget ended.
A quarterly index measuring consumer sentiment climbed to -10 in the three months through June from -20 in the previous quarter, FirstRand's First National Bank said in an emailed statement on Thursday.
Even so, consumer confidence is “still well below the average CCI reading of -1 since 1994, signalling that consumers remain relatively pessimistic about the outlook for the economy and their household finances over the next 12 months,” the bank said.
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