Korea Consumer Confidence

Korea

Korea: Consumer confidence improves in August

August 27, 2014

The Composite Consumer Sentiment Index (CCSI) published by the Bank of Korea (BoK) rose from the 105 points observed in July to 107 points in August. The index remains above the 100-point threshold, which indicates that consumers are more optimistic than pessimistic. Confidence among consumers improved in August on expectations that the government’s stimulus measures and the BoK’s rate hike would boost the country’s economy, which was hit by the deadly Sewol-ho ferry disaster in April.

According to the BoK, August’s improvement showed that consumers were more upbeat regarding both their current domestic economic conditions and their future outlook. In addition, consumer sentiment on current living standards increased over the previous month.

FocusEconomics Consensus Forecast panelists expect private consumption to expand 2.4% in 2014, which is down 0.2 percentage points from last month’s forecast. For 2015, the panel sees private consumption growth accelerating to 3.0%.


Author: Angela Bouzanis, Senior Economist

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Korea Consumer Confidence August 2014

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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