Businesses Continue Gloomy After Ferry Tragedy

      July 31, 2014 12:13

      Business sentiment dimmed in the three months since the April 16 ferry disaster, hitting the lowest point in 11 months in July.

      The Bank of Korea on Wednesday released the business survey index for July. The BSI for the manufacturing industry was at 74 points, down three points from last month.

      Any reading below 100 means pessimists outnumber optimists regarding the following month.

      The index has gone down since the ferry Sewol capsized, dropping from 82 in April to 79 in May, 77 in June, and 74 in July.

      The drop was even more pronounced among businesses that primarily work in the domestic market. Their BSI fell five points to 73 from the previous month, while the index for exporters remained the same at a fractionally more optimistic 75.

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