SEOUL (Reuters) – The outlook for business sentiment at South Korean service firms for November dropped to the weakest level in nearly three years, a central bank survey showed on Thursday.
The Bank of Korea’s (BOK) seasonally adjusted business outlook index for the non-manufacturing sector fell to 69 for November from 77 for October.
It marked the lowest reading since January 2021 and the biggest monthly drop since April 2020.
“The fall was likely due to increased economic uncertainties, with demand weakening in the services sector amid a slowing economy, high interest rates and high inflation,” a BOK official said at a media briefing.
Meanwhile, business sentiment improved in the manufacturing sector, with the index climbing to 71 for November from 69 for October, the central bank’s monthly survey of companies also showed.
(Reporting by Jihoon Lee; editing by Miral Fahmy)
