Seoul, Oct 31: South Korea’s business sentiment remained weak in October as local firms were still worried about global economic uncertainties amid fragile domestic demand, the central bank said Monday.
The monthly business survey index (BSI), which gauges local manufacturers’ assessment of current business conditions, edged up one point on-month to reach 82 in October, according to the Bank of Korea (BOK). A reading below 100 means pessimists outnumber optimists.
The assessment on future business conditions worsened. The BSI for November, measuring manufacturers’ outlook on business conditions for the upcoming month, came in at 82, down 4 points from a month earlier, Xinhua reported.
The BSI for non-manufacturers rose 2 points on-month to 84 in October.
The index is based on a nationwide survey of 1,589 manufacturers and 891 non-manufacturers, conducted between Oct. 17 and 24.
Manufacturers picked fragile domestic demand, foreign exchange volatilities and economic uncertainties as their difficulties in doing business, while non-manufacturers regarded weak domestic demand, fierce competition and economic uncertainties as their hardship.