Seoul, March 25
South Korea's consumer sentiment worsened in March amid deepening concerns about growth momentum due to weak domestic demand and slowing exports, the central bank said on Tuesday.
The composite consumer sentiment index stood at 93.4 this month, down 1.8 points from that of February, according to the survey conducted by the Bank of Korea (BOK).
This marked the first decline in three months, as the index had dropped to a two-year low of 88.2 in December, mainly due to President Yoon Suk Yeol's surprising martial law declaration, but rebounded to 91.2 in January and further rose to 95.2 in February, reports news agency.
A reading above 100 means optimists outnumber pessimists, while a reading below the benchmark means the opposite.
According to the poll, consumers expect the overall national economic circumstances and the job market to worsen in the months to come, as exports have slowed and the country is forecast to experience weaker-than-expected economic growth this year.
They also have a negative outlook on household income and private spending in the future, the BOK said.
"Concerns about growth momentum have grown, as uncertainties remain high regarding the Trump administration's tariff policy and the domestic political situation," a BOK official said.
The BOK forecasts the South Korean economy to expand 1.5 percent in 2025, slowing from last year's 2 percent expansion.