Manufacturers less upbeat about Q3 forecast

South Korean manufacturers were less upbeat about their business outlook for the third quarter than in the previous quarter after April‘s deadly ferry sinking slowed down domestic consumption, a poll showed Sunday.

According to the poll of 2,473 companies by the Korea Chamber of Commerce and Industry, the Business Survey Index for the July-September period was tallied at 103, down 8 points from 111 in the second quarter.

A gauge of corporate expectations on economic conditions, BSI index above the benchmark 100 means optimists outnumber pessimists.

“Overall consumer sentiment has been dented after the Sewol ferry sinking,” a KCCI official said,

The companies polled cited a slowdown in domestic demands and exports as the biggest hurdles for their businesses in the third quarter, trailed by cash shortages, volatile currency and labor shortage. (Yonhap)