ID :
119007
Tue, 04/27/2010 - 17:03
Auther :
Shortlink :
https://oananews.org//node/119007
The shortlink copeid
S. Korea`s consumer sentiment remains flat in April
(ATTN: UPDATES with more info and revised GDP figures in paras 7-8)
SEOUL, April 27 (Yonhap) -- South Korea's consumer confidence remained flat in
April as concerns about job markets overshadowed optimism about an economic
recovery, the central bank said Tuesday.
The consumer sentiment index (CSI) -- a gauge of consumers' overall economic
outlook, living conditions and future spending -- reached 110 in April, unchanged
from the previous month, according to the Bank of Korea (BOK).
The April reading marks the lowest level since 109 recorded last July, but the
index stayed above the benchmark 100 for the 12th straight month, indicating that
optimists outnumber pessimists, the BOK added. The sentiment index hit a
seven-year high of 117 in October last year.
The survey of 2,200 households in 56 major cities was taken from April 12-19. The
measure is widely used to gauge the future direction of private spending.
"A set of economic data point to the recovery of the local economy, but consumers
have not fully felt the impact of the rebound, with the still-sluggish job market
weighing on their sentiment," said Jang Wan-sub, an official at the BOK.
A sub-index measuring current economic conditions reached 98 this month, down
from 100 in March, and an index gauging the economic outlook shed 3 points to
110, it added.
The CSI housing price outlook reached 102 in April, down from 105 the previous
month and marking the third straight monthly fall, the BOK said. The index hit a
record high of 112 in September 2009. Low borrowing costs prompted more people to
take out mortgage loans from banks, leading the financial watchdog to put
regulatory loan controls in place last year.
On April 12, the central bank upgraded its 2010 growth forecast for the Korean
economy to 5.2 percent from an earlier projection of 4.6 percent, citing robust
exports and improving domestic demand. Asia's fourth-largest economy grew 1.8
percent on-quarter in the January-March period, accelerating from a 0.2 percent
expansion in the fourth quarter of 2009.
But despite the rosy economic forecast, many economists argue that the BOK is not
likely to raise the key rate, at least in the first half.
The BOK froze the key interest rate at a record low of 2 percent for the 14th
straight month in April. It cut the rate by a combined 3.25 percentage points
between October 2008 and February 2009 in a bid to help boost the sagging
economy.
sooyeon@yna.co.kr
(END)
SEOUL, April 27 (Yonhap) -- South Korea's consumer confidence remained flat in
April as concerns about job markets overshadowed optimism about an economic
recovery, the central bank said Tuesday.
The consumer sentiment index (CSI) -- a gauge of consumers' overall economic
outlook, living conditions and future spending -- reached 110 in April, unchanged
from the previous month, according to the Bank of Korea (BOK).
The April reading marks the lowest level since 109 recorded last July, but the
index stayed above the benchmark 100 for the 12th straight month, indicating that
optimists outnumber pessimists, the BOK added. The sentiment index hit a
seven-year high of 117 in October last year.
The survey of 2,200 households in 56 major cities was taken from April 12-19. The
measure is widely used to gauge the future direction of private spending.
"A set of economic data point to the recovery of the local economy, but consumers
have not fully felt the impact of the rebound, with the still-sluggish job market
weighing on their sentiment," said Jang Wan-sub, an official at the BOK.
A sub-index measuring current economic conditions reached 98 this month, down
from 100 in March, and an index gauging the economic outlook shed 3 points to
110, it added.
The CSI housing price outlook reached 102 in April, down from 105 the previous
month and marking the third straight monthly fall, the BOK said. The index hit a
record high of 112 in September 2009. Low borrowing costs prompted more people to
take out mortgage loans from banks, leading the financial watchdog to put
regulatory loan controls in place last year.
On April 12, the central bank upgraded its 2010 growth forecast for the Korean
economy to 5.2 percent from an earlier projection of 4.6 percent, citing robust
exports and improving domestic demand. Asia's fourth-largest economy grew 1.8
percent on-quarter in the January-March period, accelerating from a 0.2 percent
expansion in the fourth quarter of 2009.
But despite the rosy economic forecast, many economists argue that the BOK is not
likely to raise the key rate, at least in the first half.
The BOK froze the key interest rate at a record low of 2 percent for the 14th
straight month in April. It cut the rate by a combined 3.25 percentage points
between October 2008 and February 2009 in a bid to help boost the sagging
economy.
sooyeon@yna.co.kr
(END)
