S. Korea's business sentiment remains low in November

Sentiment among South Korean businesses over economic conditions remained low in November due to weaker domestic consumption, central bank data showed Wednesday.

The business survey index (BSI) in all industries was unchanged at 70 in November compared to the previous month after sliding 3 points in October, according to the Bank of Korea (BOK).

It came as the still-high inflation weakened domestic demand, offsetting the earnings recovery of some companies in the manufacturing industry.

The BSI for manufacturers added 1 point to 70 in the cited month, but the index among non-manufacturers slipped 2 points to 69.

The index below 100 indicates pessimists outnumbering optimists. It was based on a survey of 1,837 manufacturers and 1,489 non-manufacturers conducted between Nov. 14 and Nov. 21.

Manufacturers picked economic uncertainty, sluggish domestic demand and weaker global demand as key barriers to doing business, while non-manufacturers selected uncertain economic situations, domestic demand slump and higher labor costs.

The economic sentiment index (ESI), which reflects sentiment among both businesses and consumers, stood at 91.2 in November, down 0.6 point from the previous month.