KIET Manufacturing Business Survey Index (BSI) for the 2nd Quarter of 2024

Jung Min Han ()
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Jung Min Han: Korea Institute for Industrial Economics and Trade, Postal: Sejong National Research Complex, Korea Institute for Industrial Economics and Trade, 370 Sicheong Dae-ro C-dong 8-12F 30147, Republic of Korea, http://www.kiet.re.kr

No 24-21, Industrial Economic Review from Korea Institute for Industrial Economics and Trade

Abstract: The overall composite Business Survey Index (BSI) for the manufacturing sector in the sec­ond quarter (Q2) of 2024 remained below the baseline (100). However, most feeder indices increased compared to the previous quarter. Specifically, both business conditions (91) and sales (94) improved compared to the first quarter (83 and 82), reaching their highest levels in over two years. Domestic demand (92) and exports (99) still remain below 100 but have both turned to an upward trajectory after declining in the previ­ous quarter (83 and 88). Both facility investment (100) and employment (99) rose together for the first time in four quarters, while inventory (101) increased slightly. Ordinary profit (91) has also turned upward compared to the previous quarter. BSI forecasts for Q3 2024 indicate that manu­facturers anticipate a more favorable business environment. Business conditions (97) and sales (98) should top out at just under 100, and are showing robust performance compared to the beginning of the year (Q1 business conditions 90, sales 94). The outlook for domestic demand (96) is expected to fall below 100, while the outlook for exports (101) is expected to remain above 100. Facility investment (99) and employment (100) are projected to hold steady quarter over quarter.

Keywords: Business Survey Index; business sentiment; business cycles; exports; production; economic growth; macroeconomic outlook (search for similar items in EconPapers)
JEL-codes: E60 E66 L60 (search for similar items in EconPapers)
Pages: 6 pages
Date: 2024-07-01
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