Alexa

Consumer confidence up for first time in five months

Consumer confidence up for first time in five months

Taipei, Aug. 27 (CNA) Consumer confidence in Taiwan improved slightly in August after declining for four straight months, lifted by a more optimistic outlook for the local stock market over the next six months. The Consumer Confidence Index (CCI) edged up 0.1 points to 75.18 in August, according to National Central University's Research Center for Taiwan Economic Development, which conducts the monthly survey from which the index is derived. The index, which peaked at 81.26 in March on strong expectations of an economic rebound, had been declining since April. But improvement in the stock market sub-index, which rose 5.9 points to 49.5 in August, the biggest increase among the six CCI sub-indexes, helped stem the downward trend. Center director Dachrahn Wu said the improved stock market outlook, with the local bourse closing above 7,500 points last week for the first time in over three months, was a harbinger of an improving economy. Confidence in the job market over the next six months also rose, by 0.5 points to 108.95. The survey's other four sub-indexes, reflecting confidence in the domestic economy, household finances, durable goods purchases and domestic consumer prices, lost ground. Confidence in the local economy suffered the biggest decline, falling 3.15 points to 75.35. Wu expected Taiwan's exports to improve in the second half of the year, however, with the local electronics industry boosted by the release of the iPhone 5 and devices bundled with Windows 8. Taiwan's exports posted negative year-on-year growth in July for the fifth consecutive month, falling 11.6 percent to US$24.8 billion. The August index was based on a survey of 2,424 people over the age of 20. It was conducted Aug. 19-23 and had a margin of error of plus or minus 2 percentage points. (By Lin Hui-chun and Scully Hsiao)


Updated : 2021-04-13 04:21 GMT+08:00