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S.Korea's consumer confidence keeps rising on expectations for new gov't

Xinhua, April 25, 2017 Adjust font size:

Confidence among South Korean consumers over economic conditions kept rising on expectations for a new government ahead of a presidential by-election, central bank data showed on Tuesday.

The composite consumer sentiment index (CCSI) came in at 101.2 in April, up 4.5 points from the previous month, according to the Bank of Korea (BOK). The sentiment continued to rise from February, marking the highest in six months.

Political uncertainty was eased as former President Park Geun-hye was impeached and arrested last month. A new government is scheduled to be launched a day after the presidential by-election on May 9.

Expectations are running high for the new government's economic policies, which are forecast to be centered on the income-led growth. Most of the five major presidential candidates pledged to focus on job creation and income growth.

The sentiment was based on a survey of 2,031 households conducted from April 11 to 18. The index above 100 means optimists outnumbered pessimists.

Export recovery contributed to the improved consumer confidence. The country's exports posted a double-digit increase for three months through March.

Inflation expectations, which reflect consumers' outlook for headline inflation in the next 12 months, stood at 2.6 percent in March, unchanged from the prior month. Enditem