ID :
204290
Tue, 08/30/2011 - 00:58
Auther :
Shortlink :
https://oananews.org//node/204290
The shortlink copeid
S. Korea's manufacturing sentiment for Sept. hits near 2-year low
SEOUL, Aug. 30 (Yonhap) -- South Korean manufacturers' business confidence for September hit a near 2-year low on concerns that a U.S. credit downgrade and the eurozone debt fears are upping global economic uncertainty, the central bank said Tuesday.
The index of manufacturers' outlook on business conditions reached 86 for September, down from 91 for August, according to the Bank of Korea (BOK). The index measures manufacturers' outlook on business conditions for the coming month.
The September outlook index marked the lowest level since the sentiment index reached 85 for December 2009. A reading below 100 means pessimists outnumber optimists. The index is based on a nationwide survey of 2,541 companies conducted between Aug. 16-23.
"The U.S. credit rating downgrade and subsequent market turmoil dented manufacturers' sentiment for next month. Exporters felt more pinched as the global economic slowdown would hit overseas shipments," said Lee Seong-ho, an official at the BOK.
Early this month, Standard & Poor's cut the U.S. credit rating by one notch to AA+ from a top-tier AAA, sending global financial markets into a tailspin.
The index measuring manufacturers' assessment of current business conditions came to 80 in August, down from 91 in July, the BOK said.
It marked the lowest level since the 77 tallied in June 2009 and the steepest monthly fall since the index fell by 13 points in November 2008.
Local manufacturers picked economic uncertainties as their main difficulty in doing business, showing that the export-dependent economy is sensitive to external economic conditions.
A sub-index gauging exporters' business outlook for September fell by 11 points to 80 while an index measuring domestic-focused firms' outlook reached 91, down from 92 for August, the BOK added.
A separate survey conducted by the Federation of Korean Industries (FKI) showed that Korean firms' business sentiment for September dipped from this month due to worries over a U.S. double-dip recession and the eurozone debt fears.
Finance Minister Bahk Jae-wan said Monday that the government could revise down its growth outlook for this year, which currently stands at 4.5 percent, due to lingering uncertainty at home and abroad. The BOK's 2011 growth forecast stood at 4.3 percent.
sooyeon@yna.co.kr
The index of manufacturers' outlook on business conditions reached 86 for September, down from 91 for August, according to the Bank of Korea (BOK). The index measures manufacturers' outlook on business conditions for the coming month.
The September outlook index marked the lowest level since the sentiment index reached 85 for December 2009. A reading below 100 means pessimists outnumber optimists. The index is based on a nationwide survey of 2,541 companies conducted between Aug. 16-23.
"The U.S. credit rating downgrade and subsequent market turmoil dented manufacturers' sentiment for next month. Exporters felt more pinched as the global economic slowdown would hit overseas shipments," said Lee Seong-ho, an official at the BOK.
Early this month, Standard & Poor's cut the U.S. credit rating by one notch to AA+ from a top-tier AAA, sending global financial markets into a tailspin.
The index measuring manufacturers' assessment of current business conditions came to 80 in August, down from 91 in July, the BOK said.
It marked the lowest level since the 77 tallied in June 2009 and the steepest monthly fall since the index fell by 13 points in November 2008.
Local manufacturers picked economic uncertainties as their main difficulty in doing business, showing that the export-dependent economy is sensitive to external economic conditions.
A sub-index gauging exporters' business outlook for September fell by 11 points to 80 while an index measuring domestic-focused firms' outlook reached 91, down from 92 for August, the BOK added.
A separate survey conducted by the Federation of Korean Industries (FKI) showed that Korean firms' business sentiment for September dipped from this month due to worries over a U.S. double-dip recession and the eurozone debt fears.
Finance Minister Bahk Jae-wan said Monday that the government could revise down its growth outlook for this year, which currently stands at 4.5 percent, due to lingering uncertainty at home and abroad. The BOK's 2011 growth forecast stood at 4.3 percent.
sooyeon@yna.co.kr
