South Korea’s July consumer sentiment improves on economic optimism

Consumer sentiment in South Korea during the month of July improved as more respondents maintained optimism over the country’s economic conditions. Also, people eased anxiety over economic uncertainties such as Britain’s decision to leave the European Union.

South Korea’s composite consumer sentiment index (CCSI) for July stood at 101, up two points from the previous month. It ties with April’s 101 for the highest level since last December's 102. The index rose for two consecutive months from 98 in February to 100 in March to 101 in April, but it fell to 99 in May and for June after the government beefed up efforts for corporate restructuring, data released by the Bank of Korea showed Wednesday.

Further, a separate index gauging the people's sentiment toward the current economic conditions came to 71 in July, up from 68 the previous month. An index measuring the people's sentiment toward future economic conditions stood at 80, up from 78 during the same period, according to the BOK.

Meanwhile, the monthly index is based on a survey of 2,070 households throughout the country from July 13 to 20. A reading above 100 means optimists outnumber pessimists.