South Korean manufacturers’ business confidence for January rebounded from a 44-month low tallied in the previous month as some economic data showed improved performances, the central bank said Thursday.

The index of manufacturers’ outlook on business conditions came in at 70 for January, up from 67 tallied for December, according to a monthly survey by the Bank of Korea. The index measures manufacturers’ expectations for the coming month.

A reading below the benchmark 100 means pessimists outnumber optimists. The index is based on a nationwide survey of 2,501 companies conducted from Dec. 12-20.

The index of manufacturers’ assessment of current business conditions came in at 68 in December, up from 67 recorded for November, the BOK added.

The results came as some economic data showed no further deterioration, raising expectations that the South Korean economy would recover modestly next year.

The index of manufacturers’ outlook on business activities stood at 81 for next year, up from 72 recorded for this year, the BOK said, reflecting optimism about the economic recovery prospects in 2013 when the new government will be inaugurated.

The BOK’s 2012 and 2013 growth forecast stood at 2.4 percent and 3.2 percent, respectively. The central bank cut the key rate in July and October to prop up growth.

Korean manufacturers picked anemic domestic demand, economic uncertainty and the local currency’s ascent as their main business setbacks, the BOK said.

The index gauging smaller firms’ outlook on business conditions reached 66 for January, up from 62 for December. The index measuring domestic-focused companies’ business prospects came in at 67 for next month, compared with 62 for December, it noted. (Yonhap News)