United Kingdom: Consumer Confidence Index rose at four-year high
August 30, 2013
The GfK NOP consumer confidence index increased to minus 13 points in August, up from minus 16 points in July. The figure represents the highest value since October 2009 and was slightly above market expectations which saw the index rising to minus 14.
The improvement was driven by increased optimism regarding major purchases, as well as a more positive assessment of the economy over the last 12 months and a more optimistic outlook regarding expectations for the coming 12 months. On the other hand, consumers' views regarding their personal financial situations remained unchanged over last month.
FocusEconomics Consensus Forecast panellists expect private consumption to expand 1.1% in 2013, which is up 0.1 percentage points over last month's estimate. For 2014, the panel sees private consumption expanding 1.5%.
Author: Dirina Mançellari, Senior Economist