WORLD S.Korea's newly established firms hit record high in 2019

WORLD

S.Korea's newly established firms hit record high in 2019

Xinhua

14:32, February 10, 2020

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File photo: CGTN

SEOUL, Feb. 10 (Xinhua) -- The number of newly established firms in South Korea hit a record high last year, keeping an upward trend for 11 straight years, a government report showed Monday.

A total of 108,874 new companies were created in 2019, up 6.7 percent from a year earlier, according to the Ministry of SMEs and Startups. It was biggest ever recorded, continuing to grow since 2009.

The number of new manufacturers rose 3.1 percent over the year to 19,547 in 2019, while the figure for the services industry advanced 11.8 percent to 73,884.

The number of new firms created in the real estate and the lodging and eatery sectors advanced in double figures amid the growing number of foreign travelers to the country.

New companies, created by those in their 40s, accounted for 34.1 percent of the total, followed by firms established by those in their 50s with 26.2 percent and those in their 30s with 21.1 percent each.

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