The consumer confidence index edged down 0.31 points to 87.38 this month as corrections on global stock markets took their toll on confidence in the local stock market, though other constituent gauges registered positive movements, a National Central University (NCU) survey released yesterday showed.
The dip in the consumer confidence reading should be short-lived as global equity markets have stabilized, while economic barometers worldwide remain on course for stable economic expansion, NCU Research Center for Taiwan Economic Development director Dachrahn Wu (吳大任) said.
The sub-index on stock investment lost 6.1 points to 100.9 following the slumps on Wall Street and the local bourse ahead of the survey carried out between Feb. 15 and Monday last week, Wu said.
“Investment sentiment has improved since the Lunar New Year holiday” as evidenced by the rally on the local stock market, Wu said by telephone.
The local bourse was closed between Feb. 13 and Tuesday last week, but the TAIEX has since gained 3.78 percent, or 394 points, to close at 10,815.47 yesterday.
People were more confident about economic growth and household income, with both sub-indices climbing to a 32-month high of 82.25 and a 30-month high of 88.15 respectively, Wu said.
The positive sentiment would likely be sustained after international research institutes raised their growth forecasts for the nation’s economy, Wu said.
The Directorate-General of Budget, Accounting and Statistics on Feb. 13 upgraded its forecast for GDP growth this year to 2.42 percent, up from 2.29 percent in November last year.
Better economic and income expectations gave people more confidence about durable goods consumption with the sub-index rising to 92.4 from 91.6, the survey showed.
The sub-index on consumer prices grew 0.85 points to 53.35, while the reading on the employment outlook gained 0.5 points to 106.6, the survey showed.
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