Consumer sentiment hits record 3-year high on improved exports

By a2016032

Published : May 26, 2017 - 09:09 Updated : May 26, 2017 - 09:09

South Korea's overall consumer sentiment hit the highest level in more than three years helped by a rise in exports and expectations of the new government's economic policies, central bank data showed Friday.

The composite consumer sentiment index for May came to 108.0, up from 101.2, a month earlier, according to data from the Bank of Korea. The May figure marked the highest since April 2014 when the index stood at 108.4.

(Yonhap)

A reading above 100 means optimists outnumber pessimists.

A BOK official said increased exports and public expectations for new economic policies helped ph up the sentiment index.

South Korea's exports reached $25.4 billion in the first 20 days of this month, up 3.4 percent from a year earlier, according to the data compiled by the Korea Ctoms Service.

A separate index gauging the people's sentiments toward the current economic conditions came to 82 for May, up from 69 in April.

An index measuring the public's feelings toward economic conditions in the next six months stood at 111, a sharp increase from 89 tallied last month, according to the BOK.

People's perceptions of employment improved, with an index measuring sentiments toward job opportunities coming to 113 in May, up from 86 in April, according to the BOK.

The monthly index is based on a survey of 2,042 hoeholds throughout the country from May 12 to 19. (Yonhap)