SEOUL, Oct. 29 (Xinhua/APP): Sentiment among South Korean businesses over economic conditions worsened in three months due to higher energy import costs and fewer business days, central bank data showed Wednesday.
The composite business sentiment index (CBSI) in all industries fell 1.0 point from a month earlier to 90.6 in October after going up for the past two months, according to the Bank of Korea (BOK).
The downturn was attributed to higher energy import costs, affected by the local currency’s depreciation versus the U.S. dollar, as well as fewer business days coming from the Chuseok holiday, the South Korean version of Thanksgiving Day.
The CBSI among manufacturers decreased 1.0 point to 92.4 in October compared to the previous month, while the index for non-manufacturers slipped 1.0 point to 89.5.
The CBSI continued to stay below the long-term average of 100 amid the remaining economic uncertainties.
The result was based on a survey of 1,831 manufacturers and 1,455 non-manufacturers conducted between Oct. 14 and 21.
Manufacturers selected faltering domestic demand, economic uncertainty and export slump as key barriers to doing business, while non-manufacturers picked weak consumer demand, uncertain economic situation and higher labor cost.
The economic sentiment index (ESI), which reflects sentiment among both businesses and consumers, stood at 94.4 in October, up 3.1 points from a month earlier.