United Kingdom Economic Sentiment

United Kingdom

United Kingdom: May consumer confidence at highest level in over nine years

May 30, 2014

In May, the GfK NOP consumer confidence indicator reached zero points, which was up from the minus 3 points recorded in April. The print marked the highest level since April 2005. The virtually-uninterrupted upward trend in the indicator that started in May 2013 confirms that the drag in confidence that began after the financial crisis is finally waning and that the prospect of economic recovery is pushing expectations up.

May saw an across-the-board improvement in the index. Consumers’ assessments of their past financial conditions reached the highest level since April 2008, and their outlook on their personal finances in the future reached the highest level since February 2010. Moreover, consumer’s views on the general situation of the economy, for the last and for the next twelve months, reached the highest levels that have been recorded since the records began. Moreover, consumers have not been this willing to purchase big-ticket items since September 2007.

FocusEconomics Consensus Forecast panelists expect private consumption to expand 2.3% in 2014, which is unchanged over last month’s estimate. For 2015, the panel sees private consumption expanding 2.1%.


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United Kingdom Economic Sentiment Chart

United Kingdom Consumer Confidence May 2014

Note: GfK Consumer Confidence Index.
Source: The GfK Group.

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