Korea Consumer Confidence August 2016


Consumer sentiment improves for second consecutive month in August

Confidence among Korean consumers improved again in August as their optimism regarding the country’s current and future economic conditions increased. The Composite Consumer Sentiment Index (CCSI) published by the Bank of Korea (BoK) ticked up to an eight-month high of 102 points in August from 101 points in July, increasing for the second consecutive month and remaining just above the 100-point threshold which separates optimists from pessimists.

According to the Central Bank, a survey of 2,200 households between 12 and 19 August showed that consumers were more optimistic regarding Korea’s current economic situation as well as its economic prospects. This result prompted households to be more optimistic about the labor market. Meanwhile, their assessments of their own living standards as well as their future financial situations remained unchanged over July.

FocusEconomics Consensus Forecast panelists expect private consumption to expand 2.3% in 2016, which is up 0.1 percentage points from last month’s forecast. For 2017, the panel sees private consumption growth steady at 2.3%.

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Korea Consumer Confidence Chart

Korea Consumer Confidence August 2016 0

Note: Composite Consumer Sentiment Index (CCSI). An index value above 100 indicates that optimistic respondents outnumber pessimistic respondents.
Source: Bank of Korea (BoK).

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