South Korean Manufacturer Confidence Drops to 4-Month Low
South Korean manufacturers’ confidence fell to the lowest level in four months as exports contracted in all but one month this year amid Europe’s worsening debt crisis.
The index measuring expectations for July dropped to 84 from 86 in June, the Bank of Korea said in a statement in Seoul today. A measure of expectations at non-manufacturing companies declined to 77 from 83.
The Bank of Korea indicated on June 21 it may cut its 2012 growth forecast in July for the second time this year. The nation’s consumer confidence dropped to 101 in June, the weakest in three months, according to a BOK report yesterday.
The business survey, conducted from June 13 to June 20, was based on responses from 1,617 manufacturers and 881 non- manufacturers.
To contact the reporter on this story: Eunkyung Seo in Seoul at eseo3@bloomberg.net
To contact the editor responsible for this story: Paul Panckhurst at ppanckhurst@bloomberg.net
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