Industrial output increased for the first time in four months in January, but consumption declined for the third consecutive month.

Statistics Korea said on Thursday that the index of the nation’s overall industrial production came to 109-point-seven in January, up zero-point-five percent from December’s figure, which remained flat after declining for the two preceding months.

However, retail sales, a key indicator of consumption levels, dropped two-point-one percent in January, falling for three straight months since November.

Facility investment also dropped by one-point-four percent from a month earlier.

The composite coincident indicator measuring the current phase of the business cycle dropped by zero-point-four points on-month in January, declining for the fourth consecutive month.

The composite leading indicator, which projects the future business cycle, also dropped by zero-point-three points to 98-point-five, falling for the seventh straight month.