Korea Consumer Confidence July 2017

Korea

Korea: Consumer confidence hits nearly seven-year high in July

July 25, 2017

The consumer confidence index inched higher for the sixth consecutive month in July and hit the highest value since December 2010 as consumer sentiment continues to brighten. The index inched up from 111.1 in June to 111.2 in July. As a result, consumer confidence now sits further above the 100-point threshold that separates optimism from pessimism among Korean households.

Current domestic economic conditions saw a remarkable improvement. Current and prospective living standards also gained some steam. Conversely, prospective domestic economic conditions experienced the biggest drop in July.

The report was released just after Korea’s Parliament approved the USD 9.8 billion supplementary budget last week, which is expected to help create an additional 86,000 jobs in the economy and stimulate economic growth.

FocusEconomics Consensus Forecast panelists expect private consumption to expand 2.0% in 2017, which is down 0.1 percentage points from last month’s forecast. For 2018, the panel sees private consumption growth at 2.2%.


Author:, Economist

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Korea Consumer Confidence July 2017

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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