S. Korean consumer confidence inches up in June

By Park Bo-ram
SEOUL, June 25 (Yonhap) -- South Korean consumer confidence edged up in June amid
rising optimism for an economic turnaround, the central bank said Thursday.
The consumer survey index (CSI), which measures consumers' overall sense of their
economic outlook, living conditions and future spending, rose to 106 in June from
105 from the previous month, according to a report by the Bank of Korea (BOK).
The latest figure marks the highest level since 108 was registered in the third
quarter of 2007, when the index was released on a quarterly basis.
A reading above 100 indicates optimists outnumber pessimists. The BOK based the
report on a survey conducted June 11-18 on 2,132 households in 56 major cities.
"Consumer expectations of a solid economic turnaround slowed down somewhat this
month as some economic indicators held back fast improvement," said Jeong
Kui-yun, a BOK official. "Still, more people are betting on economic recovery
down the road."
The BOK held its policy interest rate at a record low of 2 percent in June,
saying economic uncertainties still persist, although the decline has come to an
end. The central bank slashed a total of 3.25 percent during the October-February
period.
The South Korean economy narrowly averted a technical recession in the first
quarter by growing 0.1 percent from three months earlier.
pbr@yna.co.kr
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