South Korea Consumer Sentiment Held At 5-Month High Of 112 Last Month
South Koreas consumer confidence
held at a five-month high in July as the nations economy
strengthened and the region weathered global risks.
The sentiment index was 112, unchanged from June and the
highest level since January, the Bank of Korea said in an e-
mailed statement in Seoul today. The reading hit a seven-year
high of 117 in October. A number exceeding 100 indicates
optimists outnumber pessimists.
Consumer sentiment is pretty strong, with faster-than-
expected economic growth seeing consumers remain optimistic
about the outlook, said Jang Wan Sub, a senior economist at
the Bank of Korea.
The central bank said yesterday that the economy grew 1.5
percent in the second quarter, bolstering the case for a further
increase in interest rates. The bank in July joined counterparts
from Thailand to Taiwan and Malaysia in raising rates as Asia
leads the global recovery and grapples with price pressures.
The consumer confidence index is based on survey responses
from 2,111 households in 56 cities and was conducted by mail and
telephone between July 14 and July 21.
To contact the reporter on this story:
Eunkyung Seo in Seoul at
eseo3@bloomberg.net