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S. Korea's builder sentiment worsens in September

SEOUL
2023-10-05 12:23

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SEOUL, Oct. 5 (Xinhua) -- Sentiment among South Korean builders over business situation continued to worsen in September due to sluggish construction orders and high borrowing costs, industry data showed Thursday.

The construction business survey index stood at 61.1 in September, down 9.4 points from the previous month, according to the Construction & Economy Research Institute of Korea (CERIK).

The index kept a downward trend after dropping 19.3 points in August, marking the lowest monthly figure this year.

A reading below 100 indicates pessimists outnumbering optimists about business conditions.

The index for new construction orders declined 3.2 points over the month to 71.4 in September, while the index for financing retreated 4.9 points to 68.3.

Local builders struggled with the housing market slump and the high interest rates that led to a surge in delinquent project-financing loans for real estate development.

The country's central bank has left its policy rate unchanged at 3.50 percent since January, after increasing it by 3.0 percentage points for the past one and a half years.
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