A leading index that gauges the direction of South Korea's economy fell below the 100 mark for the second consecutive month this year.

According to data by the Organization for Economic Cooperation and Development (OECD) on Sunday, the country's composite leading indicator (CLI) stood at 99-point-eight in both January and February.

It is the first time in about 40 months since the country's CLI dipped below 100.

The OECD index, which gauges how the economy will fare six to nine months ahead, takes into account numbers provided by the Bank of Korea and Statistics Korea in such areas as trade, manufacturing sentiment, interest rates, manufacturing inventory and the main bourse.

A reading above 100 translates into the economic sentiment expecting an expansion, while numbers below the mark indicate negative growth.

South Korea hit the 100 mark in October 2014 and mostly stayed above the mark with some fluctuations. However, the figure has been sliding since June last year in contrast to other OECD members that have been rising in recent months to stay above the 100 mark.