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Seoul, Oct 29 (IANS) South Korea's business sentiment continued to worsen this month due to lingering concerns over external uncertainties such as Europe's debt problems and the possible US fiscal cliff, data by the central bank showed Monday. The monthly business survey index (BSI), which gauges local manufacturers' assessment on current business conditions, stood at 68 in October, down 1 point from a month earlier, according to the Bank of Korea (BOK). The seasonally-adjusted figure stayed at a low level of 69 for this month, reported Xinhua. The BSI for November, measuring manufacturers' outlook on business conditions for the upcoming month, slid 2 points to 70, marking the identical number for August. The reading adjusted with seasonal factors retreated rose 2 points to 72 over the same period. Local manufacturers listed uncertain economic conditions, weak domestic demand and export slump as major difficulties in doing business. Business conditions continued to aggravate amid external uncertainties such as the European fiscal crisis and the potential US fiscal cliff. South Korea's real gross domestic product (GDP) grew 0.2 percent in the third quarter from the previous quarter, the lowest growth in around three years. Reflecting dimmer economic outlook, the BOK slashed earlier this month its 2012 economic growth outlook for the country to 2.4 percent from an earlier estimate of 3 percent. The central bank cut its policy rate by 25 basis points (bps) to 2.75 percent at the October rate-setting meeting.
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