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Biz News Korea(Eng)
S. Korea’s consumer sentiment improves sharply in April
- Collected
- 2017.04.25
- Distributed
- 2017.04.26
- Source
- Go Direct
According to data released by the Bank of Korea (BOK) on Tuesday, the nation’s composite consumer sentiment index (CCSI) for April reached 101.2, up 4.5 points from the previous month. The figure is the highest since October 2016 when it stood at 102.0, while the on-month gain of 4.5 points is the biggest since the 4.9 jump in October 2013.
Consumer sentiment in January slipped to 93.3, the lowest since March 2009 in the aftermath of the global financial crisis, due to the local political unrest before the impeachment trial of the country’s former President Park Geun-hye embroiled in the corruption scandal.
But the index started to turn around in February and has been on a steady rise for the last three consecutive months to exceed 100 this month. A reading over 100 indicates that consumers are more positive than negative about the economy.
The country’s political and social unrest is expected to be eased further after the country’s 19th presidential election set on May 9 that will be taking place earlier than its original date due to the oust of former President Park Geun-hye.
Korean exports in March grew 13.7 percent on year and extended the gains for the fifth straight month, and the exports in the first 10 days of April reached $11.2 billion, up 6.1 percent from the same period last year, raising expectations that the country’s economy has gotten back on track.
By Boo Jang-won
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]