Korea Business Confidence July 2022

Korea

Korea: Business confidence among manufacturing firms records worst reading since February 2021 in July

June 30, 2022

Business confidence among manufacturing firms came in at 83.0 in July, down from June's 87.0. July's result marked the weakest sentiment since February 2021. As a result, the index remained entrenched below the 100-threshold, indicating sustained pessimism among businesses.

Business confidence fell most sharply among export-orientated firms, likely on the back of growing fears of a global recession, which would slow external demand for Korean firms’ goods.

FocusEconomics Consensus Forecast panelists project fixed investment to grow 0.5% in 2022, which is down 0.2 percentage points from last month’s forecast. Moving to 2023, the panel sees fixed investment growing 3.1%.


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Korea Business Confidence July 2022

Note: Business Survey Index (BSI). An index value above 100 indicates an optimistic outlook while a value below 100 indicates a pessimistic outlook.
Source: Bank of Korea.


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