ID :
72494
Tue, 07/28/2009 - 07:42
Auther :
Shortlink :
https://www.oananews.org//node/72494
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S. Korean manufacturing sentiment for August hits 14-month high
SEOUL, July 28 (Yonhap) -- South Korean manufacturers' business confidence for
August rose to a 14-month high as more companies expressed optimism about an
economic recovery, the central bank said Tuesday.
The business survey index (BSI) of manufacturers' expectations climbed to 80 for
August from 78 in July, the Bank of Korea (BOK) said in a monthly report. The
August reading marked the seventh straight monthly gain and the highest level
since the index came in at 88 for June 2008, it added.
The index measures manufacturers' outlook on business conditions for the coming
month. A reading below 100 means pessimists outnumber optimists. The nationwide
survey of 2,929 companies was conducted between July 14-21.
"Business sentiment has improved on a set of fiscal spending measures and rate
cuts, although real economic activities have not yet fully recovered," said Chang
Young-jae, a BOK official. "The upbeat outlook for August comes as manufacturers
expected corporate profitability to improve on rising product prices."
A recent set of indexes measuring business sentiment have been on an upward
trend, reflecting optimism that the Korean economy might have passed its worst
downturn in more than a decade.
South Korea's consumer confidence rose to a seven-year high in July amid economic
recovery hopes, the BOK said Monday. The consumer survey index climbed to 109 in
July, the highest level since the third quarter of 2002 when it reached 114.
The South Korean economy grew 2.3 percent in the second quarter from three months
earlier, the fastest growth in more than five years, as fiscal spending helped
bolster consumer spending and exports picked up.
Asia's fourth-largest economy averted a technical recession in the first quarter
by growing 0.1 percent on-quarter after tumbling 5.1 percent in the final quarter
of 2008.
On July 9, the BOK froze the key interest rate at a record low of 2 percent for
the fifth straight month, saying that the local economy has emerged from a
downturn amid easing inflationary pressure.
The central bank made six consecutive rate cuts totaling 3.25 percentage points
between October and February in a bid to bolster the sagging economy.
sooyeon@yna.co.kr
(END)
August rose to a 14-month high as more companies expressed optimism about an
economic recovery, the central bank said Tuesday.
The business survey index (BSI) of manufacturers' expectations climbed to 80 for
August from 78 in July, the Bank of Korea (BOK) said in a monthly report. The
August reading marked the seventh straight monthly gain and the highest level
since the index came in at 88 for June 2008, it added.
The index measures manufacturers' outlook on business conditions for the coming
month. A reading below 100 means pessimists outnumber optimists. The nationwide
survey of 2,929 companies was conducted between July 14-21.
"Business sentiment has improved on a set of fiscal spending measures and rate
cuts, although real economic activities have not yet fully recovered," said Chang
Young-jae, a BOK official. "The upbeat outlook for August comes as manufacturers
expected corporate profitability to improve on rising product prices."
A recent set of indexes measuring business sentiment have been on an upward
trend, reflecting optimism that the Korean economy might have passed its worst
downturn in more than a decade.
South Korea's consumer confidence rose to a seven-year high in July amid economic
recovery hopes, the BOK said Monday. The consumer survey index climbed to 109 in
July, the highest level since the third quarter of 2002 when it reached 114.
The South Korean economy grew 2.3 percent in the second quarter from three months
earlier, the fastest growth in more than five years, as fiscal spending helped
bolster consumer spending and exports picked up.
Asia's fourth-largest economy averted a technical recession in the first quarter
by growing 0.1 percent on-quarter after tumbling 5.1 percent in the final quarter
of 2008.
On July 9, the BOK froze the key interest rate at a record low of 2 percent for
the fifth straight month, saying that the local economy has emerged from a
downturn amid easing inflationary pressure.
The central bank made six consecutive rate cuts totaling 3.25 percentage points
between October and February in a bid to bolster the sagging economy.
sooyeon@yna.co.kr
(END)
