With the domestic economy on track for a recovery, the number of corporate bankruptcies decreased for a second month in February to reach a record low.

The Bank of Korea on Sunday said 99 firms went bust last month, down three from the previous month and the lowest since statistics started in 1990. The monthly figure rose for a third month in December but began to fall in January.

Manufacturing including the IT and auto sectors saw the figure drop by seven bankruptcies in February, while the figure for the construction industry rose by three due to a slower recovery in the sector. A BOK official attributed the overall decline to the recovering economy and various measures taken to support SMEs.