The consumer confidence index of the nation increased by 6.9 points to become 78.1 in the first quarter of 2017 compared to the same period last year, reports the National Research and Advisory Service Center.
The consumer sentiment index also increased by 6.9 points to become 112.9, contributing to the overall increase in the consumer confidence index.
The present situation index surged from 18.9 to 25.9, marking the first time it has increased in the last two years. An improvement in business and employment were the main factors credited for the increase.
The last time the consumer confidence index was above 100, the average growth of the economy was 13 percent. When the index was last recorded to be lower than 100, the average growth of the GDP was only 4.6 percent. According to economists, this is evidence that the consumer confidence index is very influential on the overall performance of the economy.