Taiwan's consumer confidence index (CCI) in November dropped to its lowest level in three years, amid a stagnation of the domestic economy, National Central University (NCU) said Monday.
The CCI for November was 77.71, down 1.24 points from a month earlier, according to a survey by the university's Center for Taiwan Economic Development, which asked Taiwanese consumers about their spending plans and outlook for the next six months.
The index consists of six indicators that reflect how much confidence people have in consumer prices, the job market, family finances, the overall economic climate, the stock market and the possible purchase of durable goods in the following six months.
In November, all six sub-indexes fell, with the sub-index for confidence in stock market investments seeing the biggest decline, dropping 5.7 points to 66.90.
The second-biggest decline was recorded in the sub-index for confidence in consumer prices, which dropped 0.95 points to 51.55.
The sub-index for confidence in the job market decreased 0.45 points to 107.70, and the sub-index for confidence in the local economy was down 0.20 points to 72.65.
The sub-index for the timing for durable goods purchases fell 0.10 points to 88.65, while the sub-index for family finances dipped 0.05 points to 78.80.
According to NCU, a sub-index score of between 0 and 100 indicates pessimism, while a score of between 100 and 200 indicates optimism, meaning that the only area in which respondents had confidence in the next six months was the labor market.
Taiwan recorded economic growth of 0.72 percent in 2015 and is likely to achieve growth of 1.35 percent in 2016, according to the Directorate General of Budget, Accounting and Statistics.
The survey, conducted from Nov. 19 to 23, received valid responses from 2,404 adults and had a margin of error of plus or minus 2.0 percentage points.
Source: Focus Taiwan News Channel