Consumer confidence in South Korea climbed to a 5-year high according to a new report released on Thursday.

A survey released by the South Korean central bank on Thursday revealed that Korean consumers perceived the economy in the most optimistic light since 2002.

The Korean Consumer survey index climbed to 112 in the third quarter, up from 109 in the previous quarter. In 2002 the index hit 119.

Readings above 100 suggest most respondents view the economy as being in good shape and expect improvements in living conditions and economic growth, the report said.

The news contrasts consumers sentiment across the Pacific in America, where the U.S dollar has hit a 15 year low against 6 other major currencies, and the economy struggles from the sub-prime mortgage meltdown.

Last week, the ABC News/Washington Post Consumer Comfort Index rose to -15 in the latest week from -17 in the previous period, edging up consumer confidence, though still deep in the negative.

Two of the three components of the index rose, as Americans' positive views on the national economy gained 2 percentage points to 36 percent and views on personal finances gained 3 percentage points to 57 percent.

South Korea