In the latest economic update for South Korea, the S&P Global South Korea Manufacturing Purchasing Managers' Index (PMI) for April 2024 has been released. The manufacturing PMI fell slightly to 49.4 from 49.8 in March 2024, indicating a mild contraction in the sector.
The data, updated on 2nd May 2024, shows a slight decrease in manufacturing activity in South Korea, reflecting challenges faced by the sector during the period. While a PMI below 50 suggests contraction, the small decline indicates that the manufacturing industry in South Korea is still facing some headwinds but remains relatively stable.
Economists and market analysts will be closely monitoring future PMI releases to assess the trajectory of South Korea's manufacturing sector and its impact on the overall economy.
