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S.Korea's consumer confidence shrinks first time in 5 months
Last Updated(Beijing Time):2012-06-26 08:20

South Korea's consumer confidence shrank for the first time in five months in June due to growing uncertainties at home and abroad, the central banks said Tuesday.

The consumer sentiment index (CSI), which gauges consumers' overall economic outlook, stood at 101 in June, down 4 points from a month earlier, according to the Bank of Korea (BOK).

The figure marked its first fall in five months, but the reading stayed above the 100-point level, indicating that optimists outnumbered pessimists. The CSI is based on survey response from 2,072 households in 56 cities conducted between June 12 and 19.

The June fall was mainly attributed to rising concerns over economic uncertainties at home and abroad. "On the domestic front, some economic indicators showed signs of moderating. On the external front, concerns emerged over the possible exit of Greece from the euro zone and over Spain's sovereign debt problems. Those factors negatively influenced on domestic consumer confidence," an official at the BOK told Xinhua.

All sub-indices showed a dimmer picture. Consumer sentiment on living standards fell 2 points on-month to 88 in June, and with that on prospective living conditions dropping 4 points to 95.

In June, consumer sentiment on current economic conditions plunged 7 points to 74 over the cited period, with that on future economic conditions tumbling 12 points to 81. Consumer sentiment on prospective income lost 4 points to 95, and that on prospective spending retreated 3 points to 106.

South Korean consumers' expectation for inflation remained unchanged this month. Inflation expectation over the next 12 months came in at an annual rate of 3.7 percent in June, staying at the level for two months in a row.

Source:Xinhua 
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