Seoul, Jan 27 (IANS) South Korea’s business sentiment remained weak in January as local companies were still worried about economic uncertainties amid fragile domestic demand, the central bank said Friday.
The monthly business survey index (BSI), which gauges local manufacturers’ assessment of current business conditions, fell 2 points on-month to reach 78 in January, according to the Bank of Korea (BOK).
A reading below 100 means pessimists exceed optimists, said Xinhua.
The BSI for February, measuring manufacturers’ outlook on business conditions for the upcoming month, rose 2 points on-month to 81, but it stayed below the benchmark 100 points. Domestic manufacturers picked uncertain economic conditions, weak domestic demand and rising raw material prices as their difficulties in doing business.
The monthly index for non-manufacturers dropped 5 points on-month to 78 in January, but the index for February remained unchanged at 79. Local non-manufacturers regarded economic uncertainties, fragile domestic demand and fierce competition as their hardship.
The BSI index was based on a nationwide survey of 1,623 manufacturers and 888 non-manufacturers, conducted between Jan 12 and 19.