ID :
53010
Tue, 03/31/2009 - 07:56
Auther :
Shortlink :
https://www.oananews.org//node/53010
The shortlink copeid
S. Korean manufacturing sentiment rises for April
SEOUL, March 31 (Yonhap) -- South Korean manufacturer's confidence rose for April as more companies expressed optimism over eased woes in the financial market and the expected effects of the government's stimulus package, the central bank said Tuesday.
The business survey index (BSI) of manufacturers' expectations rose to 60 for
April from 50 in March, according to the Bank of Korea (BOK).
The index measures manufacturers' outlook on business conditions in the next
month. A reading below 100 means pessimists outnumber optimists. The nationwide
survey of 2,929 companies was conducted between March 16-23.
"A jump in the index comes as sentiment was soothed by stabilizing foreign
exchange markets and hopes for a set of the economic stimulus plans," said Chang
Young-jae, a BOK official. "But the index remains low and it is too early to say
whether the BSI is on a full-fledged upswing."
Meanwhile, the BSI for manufacturers' current business sentiment climbed to 57 in
March, compared with 43 the previous month, marking the largest monthly gain
since January 2003 when the central bank began to compile related data.
The BOK report is in line with a recent survey of the country's top business
lobby group, the Federation of Korean Industries, which quoted larger companies
as forecasting that the government's stimulus programs may boost consumption in
April.
The survey comes as the South Korean economy shrank 5.1 percent last quarter from
three months earlier, the sharpest fall in 11 years, due to tumbling exports and
weakening domestic demand.
Last week, the government unveiled a 28.9 trillion won (US$20.8 billion) extra
budget, the biggest ever, aimed at creating more jobs and jump-starting the
sputtering economy. Of the total, it set aside 17.7 trillion won for fiscal
spending.
In March, the BOK froze the rate after six consecutive rate cuts to gauge the
effects of reductions on the economy and brace for a deeper economic downturn.
Between October and February, the central bank slashed the rate by a total of
3.25 percentage points.
sooyeon@yna.co.kr
(END)
The business survey index (BSI) of manufacturers' expectations rose to 60 for
April from 50 in March, according to the Bank of Korea (BOK).
The index measures manufacturers' outlook on business conditions in the next
month. A reading below 100 means pessimists outnumber optimists. The nationwide
survey of 2,929 companies was conducted between March 16-23.
"A jump in the index comes as sentiment was soothed by stabilizing foreign
exchange markets and hopes for a set of the economic stimulus plans," said Chang
Young-jae, a BOK official. "But the index remains low and it is too early to say
whether the BSI is on a full-fledged upswing."
Meanwhile, the BSI for manufacturers' current business sentiment climbed to 57 in
March, compared with 43 the previous month, marking the largest monthly gain
since January 2003 when the central bank began to compile related data.
The BOK report is in line with a recent survey of the country's top business
lobby group, the Federation of Korean Industries, which quoted larger companies
as forecasting that the government's stimulus programs may boost consumption in
April.
The survey comes as the South Korean economy shrank 5.1 percent last quarter from
three months earlier, the sharpest fall in 11 years, due to tumbling exports and
weakening domestic demand.
Last week, the government unveiled a 28.9 trillion won (US$20.8 billion) extra
budget, the biggest ever, aimed at creating more jobs and jump-starting the
sputtering economy. Of the total, it set aside 17.7 trillion won for fiscal
spending.
In March, the BOK froze the rate after six consecutive rate cuts to gauge the
effects of reductions on the economy and brace for a deeper economic downturn.
Between October and February, the central bank slashed the rate by a total of
3.25 percentage points.
sooyeon@yna.co.kr
(END)
