SEOUL, Jan. 17 (Yonhap) — A majority of South Korean manufacturing companies expect their business conditions to stay in positive terrain this year, led by a recovery in the refining, chipmaking and bio sectors amid the virus pandemic, a poll showed Sunday.
According to the survey of 1,009 manufacturers conducted by the Korea Institute for Industrial Economics and Trade (KIET), the manufacturing sector’s business survey index (BSI) stood at 103 for the year.
A BSI reading below 100 means pessimists outnumber optimists.
The BSI outlook for the chipmaking, wireless telecommunication and refining sectors for the year also hovered above the 100 threshold at 113, 111 and 122, respectively, while that for the bio and chemical sectors stood at 110 and 107, respectively, the data showed.
Driven by signs of a modest recovery in exports, the Bank of Korea revised up its 2020 economic growth outlook to a 1.1 percent contraction in November last year, compared with a previous forecast of a 1.3 percent retreat.
The BOK expected the economy to grow 3 percent in 2021, more than a previous forecast of 2.8 percent expansion.