South Korea’s business sentiment worsened for the third consecutive month in January, hitting its lowest point in more than four years.

According to the Bank of Korea on Thursday, the Business Survey Index(BSI) for all industries stood at 85-point-nine in January, representing a one-point-four point dip from the previous month. 

This marks the lowest score since September 2020, when the index posted 83-point-four. 

In December, the index slipped four-point-five points, the steepest drop since January 2023. 

A reading below 100 indicates that pessimists outnumber optimists.

The BSI for manufacturers gained one-point-nine points month-on-month and posted 89 in January.

The index for nonmanufacturing industries, which includes restaurants, wholesalers and retail businesses, dipped three-point-nine points to 83-point-six.