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Number of new companies down 3.8 pct in Nov.

All News 09:18 January 06, 2019

SEOUL, Jan. 6 (Yonhap) -- The number of new corporations set up in November in South Korea edged down 3.8 percent from a year earlier due mainly to a decrease in the electricity and gas segment, data showed Sunday.

According to the Ministry of Small and Medium-sized Enterprises and Startups, the number of new corporations in the month came to 8,474, down 331 from the 8,805 established a year earlier.

For the January-November period, the figure came to 93,798, up 4.6 percent over the cited period, the ministry added.

The number is estimated to be above 100,000 for the whole of 2018, although the December data has not been compiled yet.

The ministry said the decrease apparently came as the number of new companies in the electricity and gas segment slowed down for the fourth consecutive month after shooting up in the first half of 2018.

By industry, wholesalers and retailers accounted for 21.5 percent, followed by manufacturers with 20.6 percent. The property segment trailed with 11.5 percent, and builders took up 8.8 percent.

Around 33 percent of the new firms were headed by people in their 40s, while bosses in their 30s and 50s accounted for 20.9 percent and 26.6 percent of the startups, the ministry data showed.

Number of new companies down 3.8 pct in Nov. - 1


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