South African consumer confidence recovered to its strongest level in two years in the fourth quarter as households anticipated better employment prospects and an improvement in their finances. A quarterly index measuring sentiment rose to -8 from -20 in the previous three-month period, FirstRand Ltd.’s First National Bank said in a statement on Thursday. That’s the strongest level since the final quarter of 2019, before the coronavirus pandemic struck. The index has been negative for 14 straight quarters, the longest stretch since the series began in 1982, signalling depressed consumer sentiment. The scope of the rebound relative to the third quarter is a surprise given sustained high inflation, rapidly rising interest rates, frequent power cuts and the generally bleak outlook for global economic growth, FNB chief economist Mamello Matikinca-Ngwenya said. The rebound points to a level of resilience among South African consumers, she said.
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