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Consumer confidence in South Korea climbed to its highest levels in more than seven years in October, as the economy continued to post growth, the Bank of Korea said Tuesday.
The consumer confidence index climbed to 117 in October from 114 in both August and September. This is the highest reading since the first quarter of 2002, when the index stood at 117. A reading above 100 indicates optimists outnumber pessimists.
The consumer confidence data comes on the back of the GDP figures, with the Korean economy expanding 2.9% sequentially in the third quarter, quicker than a 2.6% rise in the previous three months. Moreover, this was the fastest pace of growth since a 3.8% rise in the first quarter of 2002.
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