Korea: Consumer confidence wanes in February
February 26, 2014
The Consumer Sentiment Index (CSI) published by the Bank of Korea inched down from 109 points in January to 108 points in February. January's print had represented the highest level in nearly three years. Despite the slight decrease, the index is still above the 100-point threshold, which indicates that consumers are more optimistic than pessimistic.
According to the Central Bank, consumers' views regarding their current economic situations as well as their future living standards were unchanged compared to the previous month. Conversely, households were slightly less optimistic regarding their financial prospects and, consequently, their opinions on prospective purchases of big-ticket items deteriorated compared to the previous month.
FocusEconomics Consensus Forecast panelists expect private consumption to expand 2.8% in 2014, which is unchanged from last month's forecast. For 2015, the panel sees private consumption accelerating to 3.1%.
Author: Ricardo Aceves, Senior Economist