South Korea Manufacturers' Confidence Hits 7-Year High

Sponsored Links

Morale among South Korean manufacturers boomed to a seven-year high heading into March, figures released by the central bank show.

The Bank of Korea said the index of manufacturers' business survey index climbed to 101 in March from 92 in February. A reading above 100 means optimists outnumber pessimists.

This marks the first time that the business sentiment index has climbed above the benchmark 100 since the December quarter of 2002. It also marks the highest level in the index since the final quarter of 2002.

Meanwhile, a measure of confidence among non-manufacturers increased to 91 in March from 87 in February.

The Bank of Korea has kept its benchmark interest rate unchanged at a record-low 2.00% despite the economy avoiding a yearly contraction and growing 0.2% in 2009. The government has forecast 5% growth for this year.

The business confidence survey polled more than 2,000 manufacturers and non-manufacturers between February 16 and February 22.

Morale among South Korean manufacturers boomed to a seven-year high heading into March, figures released by the central bank show. (Market News Provided by RTTNews)