S. Korea's consumer sentiment index for August falls to lowest level since Jan. 2017
- 5 years ago
8월 소비심리 전월비 하락...2017년 1월이래 최저
South Korean consumers appear to be losing confidence in the local economy.
The consumer sentiment index for August, based on a survey of 25-hundred households, fell to its lowest level in more than two years.
Kim Hyesung reports.
South Korea's consumer sentiment fell near three-and-a-half points on-month to 92-point-five in August.
According to the Bank of Korea, the index has fallen for a fourth consecutive month.
It's at the lowest level since January 2017, and its second lowest since the 2008 global financial crisis.
A reading below 100 means there are more pessimists than optimists about the local economy.
"The central bank pointed to Japan's export restrictions, the escalating U.S.-China trade dispute, sluggish exports, and a worsening stock market as main reasons for the fall.
"Many stores including restaurants around my neighbourhood have closed down. The taxi drivers I talk to these days all say they feel the economy is bad. There's hardly anyone saying the economy is doing well. It's in fact worsening. So as for what to do, cut spending, save more cash."
"The global economy is already slowing down. All the news about Trump, North Korea, Japan's Abe, the fall in the stock markets just adds to uncertainties and concerns over the domestic and global economy."
All six sub-indices that make up the consumer sentiment index dropped.
The sub-index on households' income outlook dropped two points to 94 for August, the lowest level since April 2009.
The sub-indices on current and future domestic economic conditions also declined to 63 and 66 respectively.
Inflation expectations fell to an all-time low of two percent.
The sharp fall in consumer confidence comes as Korean policymakers sound increasingly downbeat about the economy.
Bank of Korea governor Lee Ju-yeol had said last week the bank's two-point-two percent growth forecast for 2019 would not be achievable if exports and investment remain sluggish.
Kim Hyesung, Arirang News.
South Korean consumers appear to be losing confidence in the local economy.
The consumer sentiment index for August, based on a survey of 25-hundred households, fell to its lowest level in more than two years.
Kim Hyesung reports.
South Korea's consumer sentiment fell near three-and-a-half points on-month to 92-point-five in August.
According to the Bank of Korea, the index has fallen for a fourth consecutive month.
It's at the lowest level since January 2017, and its second lowest since the 2008 global financial crisis.
A reading below 100 means there are more pessimists than optimists about the local economy.
"The central bank pointed to Japan's export restrictions, the escalating U.S.-China trade dispute, sluggish exports, and a worsening stock market as main reasons for the fall.
"Many stores including restaurants around my neighbourhood have closed down. The taxi drivers I talk to these days all say they feel the economy is bad. There's hardly anyone saying the economy is doing well. It's in fact worsening. So as for what to do, cut spending, save more cash."
"The global economy is already slowing down. All the news about Trump, North Korea, Japan's Abe, the fall in the stock markets just adds to uncertainties and concerns over the domestic and global economy."
All six sub-indices that make up the consumer sentiment index dropped.
The sub-index on households' income outlook dropped two points to 94 for August, the lowest level since April 2009.
The sub-indices on current and future domestic economic conditions also declined to 63 and 66 respectively.
Inflation expectations fell to an all-time low of two percent.
The sharp fall in consumer confidence comes as Korean policymakers sound increasingly downbeat about the economy.
Bank of Korea governor Lee Ju-yeol had said last week the bank's two-point-two percent growth forecast for 2019 would not be achievable if exports and investment remain sluggish.
Kim Hyesung, Arirang News.