S.Korea’s Business Sentiment Remains Low in December

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Sentiment among South Korean businesses over economic conditions remained low this month on the lingering economic uncertainties, central bank data showed Thursday.

The business survey index (BSI) in all industries was unchanged at 70 in December compared to the previous month, staying at the level for the third consecutive month, according to the Bank of Korea (BOK).

It came as economic uncertainties lingered such as the still high inflation and the faltering housing prices at home as well as geopolitical risks in Europe and the Middle East.

The BSI for manufacturers was unchanged at 70 in the cited month, while the index among non-manufacturers added 1 point to 70.

The index below 100 indicates pessimists outnumbering optimists. It was based on a survey of 1,782 manufacturers and 1,473 non-manufacturers conducted between Dec. 11 and Dec. 18.

Manufacturers selected economic uncertainty, sluggish domestic demand and higher labor costs as key barriers to doing business, while non-manufacturers picked domestic demand slump, uncertain economic situations and higher labor costs.

The economic sentiment index (ESI), which reflects sentiment among both businesses and consumers, stood at 91.1 in December, down 0.1 point from the previous month.

 

Chinese news agency/Jamiu Ogunshe

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