ID :
77178
Thu, 08/27/2009 - 10:51
Auther :
Shortlink :
https://www.oananews.org//node/77178
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S. Korea's manufacturing sentiment hits 2-year high for Sept.
SEOUL, Aug. 27 (Yonhap) -- South Korean manufacturers' business confidence for September climbed to a near two-year high on growing optimism about an economic recovery, the central bank said Thursday.
The business survey index (BSI) of manufacturers' expectations rose to 93 for
September from 80 in August, according to the Bank of Korea (BOK).
The September reading was the highest level since the index came in at an
identical 93 for November 2007 and the largest monthly gain since it jumped 14
points for March 2005, 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 from Aug. 14-21.
"Rising prospects for an economic recovery lifted manufacturers' outlooks for
domestic sales and exports," a BOK official said.
The BSI of manufacturers' current business confidence reached 86 in August, up
from 81 in July and the highest level since April 2008, when the index came in at
87, it said.
A recent set of indexes measuring 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 for August climbed to the highest level in more
than seven years, according to the BOK. The consumer survey index advanced to 114
for August, the highest level since the third quarter of 2002.
The South Korean economy grew 2.3 percent in the second quarter from three months
earlier, its fastest growth in more than five years, thanks to massive economic
stimulus measures.
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 Aug. 11, the BOK froze the key interest rate at a record low of 2 percent for
the sixth straight month. BOK Gov. Lee Seong-tae cast a more upbeat view on the
economy, suggesting the bank is mulling a possible rate hike.
The business survey index (BSI) of manufacturers' expectations rose to 93 for
September from 80 in August, according to the Bank of Korea (BOK).
The September reading was the highest level since the index came in at an
identical 93 for November 2007 and the largest monthly gain since it jumped 14
points for March 2005, 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 from Aug. 14-21.
"Rising prospects for an economic recovery lifted manufacturers' outlooks for
domestic sales and exports," a BOK official said.
The BSI of manufacturers' current business confidence reached 86 in August, up
from 81 in July and the highest level since April 2008, when the index came in at
87, it said.
A recent set of indexes measuring 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 for August climbed to the highest level in more
than seven years, according to the BOK. The consumer survey index advanced to 114
for August, the highest level since the third quarter of 2002.
The South Korean economy grew 2.3 percent in the second quarter from three months
earlier, its fastest growth in more than five years, thanks to massive economic
stimulus measures.
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 Aug. 11, the BOK froze the key interest rate at a record low of 2 percent for
the sixth straight month. BOK Gov. Lee Seong-tae cast a more upbeat view on the
economy, suggesting the bank is mulling a possible rate hike.
