South Korea Reports Downturn in Business Sentiment
The composite business sentiment index (CBSI) across all industries dropped 0.2 points month-over-month to 94 in January, ending a two-month upward trend, data from the Bank of Korea (BOK) showed.
The decline stemmed from the dissipation of the year-end seasonal effect in the non-manufacturing industry, central bank analysts noted.
A sharp divide emerged between sectors. Manufacturing sentiment surged 2.8 points to reach 97.5 in January versus the prior month. However, the non-manufacturing index plunged 2.1 points to 91.7, dragging overall confidence lower.
The CBSI remained stuck beneath its long-term benchmark of 100, highlighting persistent economic anxieties gripping corporate leaders.
Survey results drew from responses by 1,815 manufacturers and 1,440 non-manufacturers between Jan. 12 and 19, the BOK reported.
Factory owners cited faltering domestic demand, economic uncertainty and fluctuations in the won versus dollar exchange rate as key barriers to doing business. Service-sector executives identified weak consumer demand, uncertain economic situation and high labor cost as primary obstacles.
Meanwhile, the economic sentiment index (ESI)—measuring combined business and consumer confidence—climbed 0.5 points to 94 in January.
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