Korea’s consumer confidence in November hit its highest level in seven years, a central bank poll showed on Nov. 24.
The composite consumer sentiment index for November stood at 112.3, up 3.1 points from the previous month, according to the survey by the Bank of Korea.
A reading above 100 means optimists outnumber pessimists.
The BOK attributed the rise in consumer confidence to eased tensions between North Korea and the US over Pyongyang’s nuclear and missile programs.
Tensions have spiked on the Korean Peninsula following North Korea’s sixth and most powerful nuclear test and a series of ballistic missile tests. A war of words between the leaders of North Korea and the US has stoked fears of a possible military conflict.
Still, tensions have subsided in recent weeks, as North Korea has not carried out any provocations since Sept. 15, when it launched a Hwasong-12 intermediate-range ballistic missile that flew over Japan into the North Pacific Ocean.
The BOK also said its index measuring people’s sentiment regarding the current economic conditions came to 98 in November, the highest in seven years.
In addition, an index measuring the public‘s feelings toward economic conditions in the next six months rose from 99 to 108 over the cited period.
The latest monthly index is based on a survey of 2,017 households throughout the country from Nov. 10-17.
By Alex Lee and newswires (firstname.lastname@example.org