The Korea Development Institute(KDI) has assessed for the eighth straight month that the South Korean economy is in a slump.

The public think tank said in its monthly economic trends report released on Thursday that the economy continues to drag with a contraction in exports and investment.

KDI has used the term “slump” to describe economic conditions since April after having previously described the economy to be “slowing down” from last November to March of this year. 

In particular, the institute noted that of late, investment, exports and production either slipped or saw meager growth near zero.

Kim Sung-tae, a senior researcher at the institute, said production has, inevitably, taken a hit from sluggish exports, adding that momentum for getting out of such a slump has yet to emerge.