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Business Sentiment Drops to Lowest in over 3 Years

Written: 2024-02-21 09:53:36Updated: 2024-02-21 09:56:45

Business Sentiment Drops to Lowest in over 3 Years

Photo : YONHAP News

Business sentiment worsened in February due to sluggish domestic consumption amid project financing woes.

According to the Bank of Korea on Wednesday, the Business Survey Index(BSI) for all industries stood at 68 in February, down one from the previous month to post the lowest figure in three years and five months since September 2020.

The index stayed at 70 from October to December last year before falling for two consecutive months this year.

A reading below 100 means pessimists outnumber optimists.

The BSI for manufacturers dropped one point on-month to 70 in February, the first fall in six months. 

The index for non-manufacturing industries, which includes restaurants, wholesalers and retail businesses, remained unchanged from the previous month at 67.

Meanwhile, local firms' business outlook for March marked 72, up three points from the previous month.

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