South Korean business confidence recovers in August

The South Korean central bank (BOK) said Tuesday that South Korean business confidence in the domestic economy improved in August. This was supported by the government’s easing of measures to control the spread of COVID-19.

The South Korean Business Confidence Index (BSI) rose to 81 in August from 80 in July, the first increase in four months.

The recovery in the Business Confidence Index was boosted by the South Korean government’s announcement that almost all of the COVID-19 control measures were lifted, except the building mask order, which has been in force since April 1.

In addition, the Business Confidence Index also gained positive factors from the strong expansion of the service sector.

BOK data showed its manufacturing firm confidence index stood at 80 in August, unchanged from July. The service sector’s confidence index rose to 82 in August from 80 in July.

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