Korea: Consumer confidence rebounds in May
May 27, 2013
The Consumer Sentiment Index (CSI) published by the Bank of Korea rose from 102 points in April to 104 points in May, back to the level it held in March. As a result, the index moved further above the 100-point threshold that separates optimistic from pessimistic territory, suggesting improving prospects for consumer spending in the coming months.
Compared to April, households were more optimistic in evaluating both the outlook for the next six months and their current situation. The largest gains were seen in domestic economic conditions both when comparing the previous six months with the current economic conditions as well as regarding the outlook in the next six months.
FocusEconomics Consensus Forecast panellists expect private consumption to expand 2.4% this year, which is unchanged from last month's forecast. For next year, the panel sees private consumption accelerating to 2.9%.