The Korea Development Institute(KDI) has assessed that South Korea’s economy has recently begun to rebound after bottoming out.

The state-run think tank made the assessment in a report released on Monday on economic trends for August, saying indications that nation’s economic slump is steadily easing have been identified.

The latest evaluation comes after the institute assessed last month that the economy was bottoming out based on a deceleration in the downturn in the semiconductor industry, which had stunted the nation’s economy. 

The export volume index of semiconductors posted sharp growth of more than 21 percent in June after seeing a rebound of some eight percent in May following a decrease of one-point-three percent in April on-year. 

The institute also cited a climb of three-and-a-half percent on-year in service industry production in June while retail sales grew one-point-four percent during the same period.