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Biz News Korea(Eng)

S. Korea’s consumer sentiment in near 8-year low in Jan

Collected: 2017.01.24

Distributed: 2017.01.25

Source: Go Direct

Consumer confidence in South Korea slipped in January for the third straight month to hit its lowest level in nearly eight years as the nation grapples with unprecedented power abuse scandal that has led to impeachment of the president amid prospects of further weakening in the economy.

According to the Bank of Korea Tuesday, the country’s composite consumer sentiment index (CCSI) for January stood at 93.3, down from 94.1 last month and 95.7 in November last year. The index for January is the lowest since March 2009 when it stood at 75 amid the repercussions from Wall Street-triggered global financial crisis. A reading over 100 indicates that consumers are more positive than negative about the economy.

A separate index measuring sentiment for current economic conditions compared to the previous six months deteriorated sharply to 51 in January from 55 in December. Expectations for better economy slightly improved. Confidence for the economy down six months later came to 67, improving from 65 in December.

By Boo Jang-won

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