South Korean Business Confidence Plunges To A 30-Month Low Following Kim Jong-il's Death

South Korean business confidence deteriorated during December following Kim Jong-il's death and continued stress in Europe, the Bank of Korea announced.

The country's central bank reports that manufacturing confidence declined three points from November to a reading of 80 in December, while outlook for the coming three months shed four points, to 79. Confidence now sits at 30-month lows.

South Korea, the 15th-largest global economy according to the U.S. Department of State, had seen business conditions steadily improving since August. However, yesterday the Bank of Korea announced that consumer confidence dipped below 100, indicating the country is growing pessimistic about the future.

Business conditions are assessed through a survey of 2,774 corporations, with questions focused around revenue and profitability.

The non-manufacturing sector saw some benefit during the month, gaining five points to 83.

Click here to see how Morgan Stanley economists expect South Korea to perform in 2012-13 >

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