ID :
197409
Wed, 07/27/2011 - 00:47
Auther :
Shortlink :
https://oananews.org//node/197409
The shortlink copeid
S. Korea's manufacturing sentiment for Aug. edges up
SEOUL (Yonhap) - South Korean manufacturers' business confidence for August inched up, but remained below the benchmark on concerns about the local currency's ascent to the dollar and economic uncertainty, the central bank said Wednesday.
The index of manufacturers' outlook on business conditions reached 91 for August from 90 for July, according to the Bank of Korea (BOK). The index measures manufacturers' outlook on business conditions for the coming month.
The index for August came after the sentiment index for July hit the lowest level in 18 months and marked the steepest monthly decline since the index for November 2010 fell by 7 points.
A reading below 100 means pessimists outnumber optimists. The index is based on a nationwide survey of 2,505 companies conducted between July 13-20.
The index measuring manufacturers' assessment of current business conditions came to 91 in July, unchanged from the previous month, the BOK said.
Local manufacturers picked the won's strength to the dollar and sluggish domestic demand as the main difficulties in doing business.
"More companies selected the won's ascent as their business setback because it would dent export competitiveness," said Lee Seong-ho, an official at the BOK.
A sub-index gauging exporters' business outlook for August rose by 2 points to 91 while an index measuring domestic-focused firms' outlook reached 92, up 2 points from July, the BOK added.
A separate survey conducted by the Federation of Korean Industries (FKI) showed that Korean firms' business sentiment for August dipped from July due to the eurozone debt crisis and domestic inflationary concerns.
On July 15, the BOK revised down its growth estimate to 4.3 percent for this year from 4.5 percent while raising the 2011 inflation projection to 4 percent from an earlier forecast of 3.9 percent.
The index of manufacturers' outlook on business conditions reached 91 for August from 90 for July, according to the Bank of Korea (BOK). The index measures manufacturers' outlook on business conditions for the coming month.
The index for August came after the sentiment index for July hit the lowest level in 18 months and marked the steepest monthly decline since the index for November 2010 fell by 7 points.
A reading below 100 means pessimists outnumber optimists. The index is based on a nationwide survey of 2,505 companies conducted between July 13-20.
The index measuring manufacturers' assessment of current business conditions came to 91 in July, unchanged from the previous month, the BOK said.
Local manufacturers picked the won's strength to the dollar and sluggish domestic demand as the main difficulties in doing business.
"More companies selected the won's ascent as their business setback because it would dent export competitiveness," said Lee Seong-ho, an official at the BOK.
A sub-index gauging exporters' business outlook for August rose by 2 points to 91 while an index measuring domestic-focused firms' outlook reached 92, up 2 points from July, the BOK added.
A separate survey conducted by the Federation of Korean Industries (FKI) showed that Korean firms' business sentiment for August dipped from July due to the eurozone debt crisis and domestic inflationary concerns.
On July 15, the BOK revised down its growth estimate to 4.3 percent for this year from 4.5 percent while raising the 2011 inflation projection to 4 percent from an earlier forecast of 3.9 percent.
