Manufacturing sentiment for July hits 4-month low
Korean manufacturers' business confidence for July fell to a 4-month low, as persisting concerns about the eurozone debt crisis weighed on their outlooks, the central bank said Wednesday.
The index of manufacturers' outlook on business conditions came in at 84 for July, down from 86 recorded for June, according to a monthly survey by the Bank of Korea (BOK). The index measures manufacturers' expectations for the coming month.
The July figures marked the lowest level since the index reached an identical 84 for March, the central bank said.
A reading below the benchmark 100 means pessimists outnumber optimists. The index is based on a nationwide survey of 2,498 companies conducted from June 13 to 20.
The data came as outlooks for the global economy remained weak amid nagging concerns about the eurozone debt crisis.
Meanwhile, the BOK unveiled the index gauging the private sector's sentiment for economic conditions.
The economic sentiment index reached 97 in June, down from 101 tallied in May, according to the BOK.
The index measures companies and consumers' confidence for economic conditions on average by using its indexes of consumer and business confidence.
Since the index peaked at 114 in April 2010, it showed an overall trend of sliding, indicating that consumers and companies' assessment for economic conditions remained weak amid economic uncertainties.
In April, the BOK cut its 2012 economic growth projection to 3.5 percent from an earlier 3.7 percent estimate made in December. (Yonhap)