S. Korean companies pessimistic about biz conditions for Dec.
SEOUL, Nov. 27 (Yonhap) -- South Korea's big companies are pessimistic about business conditions in December due to the sluggish pace of recovery at home and economic uncertainties abroad, a poll showed Thursday.
According to the survey by the Federation of Korean Industries (FKI) of the country's top 600 companies by sales, the business survey index (BSI) for next month stood at 94.0.
This is a slight improvement from 93.6 for November but still below the break-even 100 mark. A BSI reading below 100 means pessimists outnumber optimists.
"The slow pace of recovery, the weak Japanese yen and signs of slower-than-expected growth in China are making companies worry about the future, which is reflected in the index," the FKI said. It stressed there is an immediate need to stabilize foreign exchange conditions.
According to the Organization for Economic Cooperation and Development, Asia's fourth-largest economy is expected to grow 3.5 percent this year. The figure is a gain from the 3.0 percent growth reached in 2013 but represents a drop from 4.0 percent growth forecast earlier in the year.
The latest poll for November showed the domestic consumption index standing at 98.1, with exports and investment reaching 93.7 and 97.3, respectively.
Cash liquidity and employment numbers stood at 98.8 and 100.4, with inventory conditions hitting 104.6. In the inventory index, a number exceeding 100 means companies expect worse times ahead.
The actual BSI for this month stood at 90.0, below the forecast made in late October. Domestic consumption and exports all stood below the 100 mark, with hiring reaching 98.8.
yonngong@yna.co.kr
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