Business Outlook for Small and Medium Enterprises in February This Year... Down Compared to January
[Asia Economy Reporter Moon Hyewon] The economic outlook for next month as perceived by domestic small and medium-sized enterprises (SMEs) appeared darker than the previous month.
On the 30th, the Korea Federation of SMEs conducted the "February 2020 SME Economic Outlook Survey" from the 15th to the 22nd targeting 3,150 SMEs. The SME Business Outlook Index (SBHI) was 81.2, down 0.1 points from January. It has declined for two consecutive months since December last year, when it was 84.2.
This is analyzed to be due to lingering economic uncertainty caused by sluggish economic conditions and weakened consumer sentiment. However, the Federation explained that the index rose 4.9 points compared to the same period last year for two consecutive months, indicating a slight stabilization of the downward economic trend.
In February, the economic outlook for manufacturing rose 0.9 points to 82.9 compared to the previous month, while non-manufacturing fell 0.6 points to 80.3. Construction increased by 1.4 points to 81.4, but the service sector declined by 1.0 point to 80.1.
Within manufacturing, 14 industries including "Medical Substances and Pharmaceuticals" (86.7→98.3), "Metal Fabricated Products" (83.0→91.7), and "Other Products" (74.8→82.6) rose compared to the previous month. However, 8 industries such as "Beverages" (105.0→78.6), "Paper and Paper Products" (86.8→73.5), and "Food Products" (92.8→85.1) deteriorated.
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In non-manufacturing, construction (80.0→81.4) showed a slight increase from the previous month, while in the service sector (81.1→80.1), three industries including "Arts, Sports, and Leisure-related Services" (75.0→89.5), "Publishing, Video, Broadcasting, Telecommunications, and Information Services" (91.9→97.1), and "Professional Scientific and Technical Services" (86.2→86.7) rose. Six industries such as "Accommodation and Food Services" (84.5→73.4), "Repair and Other Personal Services" (81.0→77.8), and "Real Estate and Rental Services" (80.0→77.4) declined.
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