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.
Author: Lindsey Ice, Economist