Saturday, September 17 2011 18:09
Consumer confidence plummets in Armenia with consumers' outlook becoming increasingly pessimistic
ArmInfo. Consumer confidence index plummeted in Q3 2011 in Armenia from 104.7% to 102%. As compared to Q3 2010 the index grew from 102.3% to 106.3%. The Armenian Central Bank press-service told ArmInfo the current conditions index fell from 116.8% to 108.2% with the future conditions index growing insignificantly from 97.5% to 97.6%.
Households' assessment of the current economic situation fell significantly - 25.9 points (105.3% quarterly, 115.4% y-o-y) and totaled 30.9 points versus 29.4 points in Q2 and 26,8 points in Q3 2010. Other subindices of the Current Conditions Index fell insignificantly. Major purchases fell from 118% to 112% in Q3 (111.6% y-o-y decline), with appraisals growing from 48.6 to 54.4 points (11.7% y-o-y growth). Revenue subindex fell from 106.9% to 105.8% (109.6% y-o-y) as appraisals grew from 40 to 42.4 points (9.6% growth y-o-y).
In the future conditions index employment subindex grew from 97% to 102.2% for Q3 2011 (104% a year ago), with appraisals growing from 55.1% to 56.3 points (4.1% y-o-y growth). The other two subindices fell: possibility of major purchases in next quarter fell from 100.8% to 96.4% (102.0% a year ago) with appraisals falling from 57.2 to 55.2 points (2% y-o-y growth), and revenue subindex fell from 95% to 94.3% (versus 101.4% for Q3 2010) with appraisals falling from 55.8 to 52.7 points (1.3% y-o-y growth).
The Central Bank has been conducting the poll since 2005 to assess the current economic situation and expectation. The method of calculation is based on the US Conferecne Board and German IFO standards.
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