2023-07-30 06:42:57
Small and medium-sized businesses/photo courtesy of Clip Art Korea
As small and medium-sized businesses in the province sighed deeply due to high prices and interest rates, the slump in domestic demand was prolonged, and the economic outlook for August was found to be negative.
According to the ‘August Jeonbuk SME Economic Outlook Index’ announced by the Jeonbuk Regional Headquarters of the Korea Federation of Small and Medium Business on the 30th, the SME business outlook index for August was 73.4 (national average 79.7), 3.6p worse than the previous month (77.0).
By industry, the non-manufacturing sector showed higher expectations for the economic outlook than the manufacturing sector. The manufacturing sector recorded 68.7, down 8.9p from the previous month (77.6), but the non-manufacturing sector rose 4.6p from the previous month (76.1) to 80.7.
By item, it was confirmed that exports (77.8→79.4) slightly increased compared to the previous month, while domestic sales (77.0→73.4) and operating profit (75.7→72.1) decreased compared to the previous month.
As of last month, the main management difficulties of SMEs were △sluggish domestic demand (54.7%) and △rising labor costs (54.1%). In particular, responses to sluggish domestic demand increased by 7.0%p.
Meanwhile, the average utilization rate of small and medium-sized manufacturing industries in Jeonbuk in June was 71.6%, slightly down 1.1%p from the previous month (72.7%).
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