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S. Korea's manufacturing confidence falls to 4-month low
SEOUL, Nov. 26 (Yonhap) -- Business confidence among South Korean manufacturers dropped to the lowest level in four months for December as a strengthening local currency hurt exporters' economic outlooks, the central bank said Thursday.
The business survey index (BSI) measuring manufacturers' outlook for the coming month fell to 85 for December from 93 the previous month, the Bank of Korea (BOK) said in a statement. The December reading marks the lowest since 80 in August and a sharp turnaround from October's two-year high of 94, the central bank said.
The central bank surveyed 1,475 local manufacturers on their outlooks on business conditions from Nov. 13-20.
"The sharp fall came as large and exporting companies' outlook for sales and profitability worsened due to the won's gains," said a BOK official.
The sub-index measuring big companies' confidence decreased to 87 from 97 a month earlier, with the gauge for exporters coming in at 86, down from November's 95, according to the central bank.
The South Korean won has gained 36.2 percent since hitting an 11-year low in early March, raising fears the strengthened currency may lift the prices of Korean-made goods overseas.
Meanwhile, the index that measured 801 non-manufacturers stayed unchanged at 84 for December from a month earlier, the central bank said.
The South Korean economy accelerated 2.9 percent in the third quarter from the previous three months, the fastest growth in over seven years.
The central bank left its key interest rate unchanged at a record-low 2 percent in November, the ninth monthly rate freeze in a row, citing economic uncertainties.
pbr@yna.co.kr
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