A leading economic index for South Korea declined for the fifth straight month in December, indicating that the economy is expected to slow down in the coming months.

According to data from the Organization for Economic Cooperation and Development(OECD), the composite leading indicator(CLI) of economic activity for South Korea marked 101-point-two in December, down zero-point-09 percent from a month earlier. 

The index has slipped for five straight months since August after rising for 15 consecutive months. 

The CLI is an indicator designed to provide early signals of turning points in business cycles around six to nine months in advance. A reading above 100 means the economy is expected to expand.

The OECD assessed that the indicators of major economies such as Canada, Germany, Italy, the U.K. and Japan have passed peaks, projecting the economies, which saw sharp rebounds from the COVID-pandemic, will likely slow down in the near future.