November 29, 2011 12:01
Business sentiment among non-manufacturing firms is the gloomiest in around two years. The monthly business survey index for November, compiled by the Bank of Korea based on a survey of 2,439 companies across the country, came in at 78 points, the lowest since September 2009.
The industries surveyed included accommodation, transportation, construction and publishing. A BSI below 100 means pessimists outnumber optimists.
Sales, profitability and funding conditions all worsened. The BSI for sales stood at 91, down five points from October, while the forecast for December was 94. The BSI on funding conditions was 87, down five points. The overall BSI dropped because of the impact of rising household debt and soaring consumer prices.
The BSI for major businesses released by the Federation of Korean Industries on Monday also paints a gloomy picture. The FKI's December BSI based on surveys on the country's 600 largest businesses in terms of sales came in at 94.8, the lowest since April 2009, just after the global financial crisis erupted.
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