CHUNGCHEONGBUK-DO < invest Korea

According to Newsis,

The business sentiment in the Chungbuk region has gradually been overcoming the COVID-19 crisis.

According to the Chungbuk office of the Bank of Korea on August 2, the BSI of the manufacturing industry in the Chungbuk region in July was 91, up 3 points from the previous month. Industry outlook for next month BSI is also expected to rise 4 points to 95.

The BSI (Business Survey Index) is an indicator of the economic situation felt by a company. If is is above 100, a threshold, it means that there are more companies that make positive prospects of the economy than those who make negative prospects.

This year, the Chungbuk manufacturing industry BSI has displayed a recovery trend with 72 in January, 71 in February-March, 77 in March, 90 in May, 88 in June and 91 in July.

This is almost double the number compared to the second quarter of last year, when the COVID-19 pandemic hit the hardest.

In the same month, the non-manufacturing industry BSI also recorded 67, up 2 points from the previous month. Compared to last September (42), when this number reached the bottom, it increased by 25 points.

Manufacturing companies in the province cited rising raw material prices (24.6%), labor shortages and rising labor costs (21.8%), and sluggish domestic demand (14.2%) as their difficulties.

Non-manufacturing companies were found to have difficulties due to shortage of manpower and rising labor costs (20.0%), sluggish domestic demand (14.9%), and lack of funds (13.6%).

This survey was conducted on 425 companies (248 manufacturing businesses and 177 non-manufacturing businesses) in the province from the 19th to the 23rd of last month.

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Source: Newsis (August 2, 2021)