Mid-sized Companies Expected to See Improvement in Facility Investment, Production, and Exports in Q3
Ministry of Trade, Industry and Energy Announces Q3 Mid-sized Companies Economic Outlook Survey Results
The mid-sized business sector expects improvements in facility investment, production, and export conditions in the third quarter of this year. On the 13th, the Ministry of Trade, Industry and Energy (Minister Lee Chang-yang) released the results of the '2023 3rd Quarter Mid-sized Business Economic Outlook Survey,' which included this information. The survey was conducted from the 12th to the 26th of last month, targeting 800 mid-sized companies.
The survey results showed that facility investment was at 101.9 (up 0.1 points), production at 100.3 (up 0.4 points), and exports at 97.6 (up 0.3 points), all rising for the third consecutive quarter. It is expected that industrial production and exports in the third quarter will increase compared to the first half of the year. An outlook index above 100 is interpreted as a positive outlook, while below 100 is considered negative.
By industry, the automobile sector, which recorded the highest export performance in the first half of the year (107.4, up 1.6 points), is expected to maintain strong export momentum in the third quarter. Electronic components (115.2, up 27.8 points) are also expected to see a significant increase in exports compared to the previous quarter, supported by increased demand for vehicle parts. Additionally, production (100.3) and facility investment (101.9) were led by the electronic components and automobile sectors, brightening the outlook for the third quarter. However, the overall economy (92.1, down 2.0 points) and domestic demand (92.6, down 1.0 point) declined compared to the previous quarter, leading mid-sized companies to anticipate continued economic uncertainty in the third quarter.
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Je Gyeong-hee, Director of Mid-sized Business Policy, stated, "It is positive that despite the still uncertain economic situation, the outlook indices for exports, production, and facility investment of mid-sized companies have risen for three consecutive quarters."
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