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S. Korea's business sentiment rises to 22-month high on exports recovery

Xinhua, February 28, 2017 Adjust font size:

Confidence among South Korean businesses over economic situations advanced to the highest in 22 months thanks to exports recovery, central bank data showed on Tuesday.

The business sentiment index (BSI) for manufacturers rose one point from a month earlier to stand at 76 in February, the highest since April 2015, according to the Bank of Korea (BOK).

The result is based on a survey of 1,754 manufacturers and 1,130 non-manufacturers conducted between Feb. 14 and 21. The reading below 100 means pessimist outnumbered optimists.

The index marked the second straight month of increase as exports, which account for about half of the economy, recovered in recent months.

The country's exports posted a double-digit growth in January, keeping an upward momentum for three months in a row. For the first 20 days of this month, the shipments surged 26.2 percent compared with the same period of last year, customs data showed.

Helped by the export expansion, consumer confidence also rebounded for the first time in four months.

The March BSI, which reflects economic outlook among manufacturers, advanced 5 points over the month to 81.

Manufacturers picked weak private consumption as the most serious difficulty in doing businesses. It was trailed by unstable economic situations, exports slump and fierce competition.

Consumers here refrained from spending money amid the protracted political unrest, caused by the impeachment of President Park Geun-hye. Massive household debts and stagnant income also discouraged consumers from buying goods and services. Endit