The Bank of Korea’s August 2026 business survey recorded an all-industry Corporate Survey Business Sentiment Index (CBSI) of 99.6. The figure was up 1.1 points from the previous month and marked the highest level in 3 years and 11 months since 102.0 in September 2022.

All-Industry CBSI Nears the Baseline of 100

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The CBSI is a sentiment indicator that combines major sub-indexes of the Business Survey Index (BSI). Because the long-term average from January 2003 through December 2025 is set at 100, the August reading of 99.6 can be viewed as close to the long-term-average baseline.

The all-industry CBSI stood at 99.6 in August, 0.4 points below the baseline of 100.

Both manufacturing and non-manufacturing rose from the previous month.

CategoryAugust 2026 CBSIChange from Previous Month
All industries99.6+1.1 points
Manufacturing103.8+0.6 points
Non-manufacturing96.7+1.5 points

Manufacturing Remains Above the Baseline for Four Consecutive Months

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The manufacturing CBSI rose 0.6 points from the previous month to 103.8. After surpassing the baseline of 100 in May 2026, it remained above 100 for four consecutive months.

The non-manufacturing CBSI also rose 1.5 points from the previous month to 96.7. The survey explained that transportation and passenger demand during the summer vacation season, along with improving business conditions in information and communications, broadcasting, and film, contributed to the improvement in non-manufacturing sentiment.

Sentiment Improvements Must Be Distinguished from an Actual Economic Recovery

The results indicate that businesses’ perceptions of economic conditions improved. However, the rise in CBSI alone does not mean that companies’ actual sales, employment, or investment increased. In particular, the non-manufacturing increase may include seasonal factors such as vacation-season demand.

Accordingly, the August CBSI should be treated as an indicator showing an improving trend in business sentiment. Rather than declaring it definitive evidence of an economic recovery, it should be examined together with subsequent indicators.

For reference, the Economic Sentiment Index (ESI) for August 2026 rose 1.5 points from the previous month to 99.4.

Sources

  • Bank of Korea, “Results of the August 2026 Business Survey and Economic Sentiment Index (ESI),” confirmed August 26, 2026: https://file-cdn.bok.or.kr/portal/8e995922ee164fb6848f737568fd538f/2/f6838a47d16b40dbbc391e9c9d89f206.pdf?token=st%3D1771967591~exp%3D1771971191~acl%3D%2Fportal%2F8e995922ee164fb6848f737568fd538f%2F2%2Ff6838a47d16b40dbbc391e9c9d89f206.pdf%2A~hmac%3D0dbdd4befebef25435f2d99eab477989c7b1af220013de51c59f663cedf93751
  • Bank of Korea Monthly Statistics Release Schedule, confirmed August 29, 2026: https://www.bok.or.kr/portal/stats/statsPublictSchdul/listCldr.do?date=2026-08&menuNo=200775
  • Yonhap News Agency, “All-Industry Perceived Economic Conditions Reach Highest Level in 3 Years and 11 Months on Semiconductor and Vacation-Season Demand,” confirmed August 26, 2026: https://www.yna.co.kr/amp/view/AKR20260825163500002