S. Korea Posts Increase in Number of Businesses in 2024

(MENAFN) South Korea saw an increase in the number of businesses last year, driven primarily by growth in the electricity, natural gas, and wholesale sectors, according to data released Tuesday by Statistics Korea.

As of the end of 2024, the total number of businesses across the country reached 6,353,673, marking a 1.7% increase compared to the previous year.

While the number of manufacturers and real estate companies saw slight declines, the electricity and natural gas sector experienced a sharp 33.7% jump. The wholesale and retail sectors also saw growth, up 2.3%.

The wholesale and retail industry continued to lead with the highest number of businesses, totaling 1,612,825. This was followed by the lodging and food services sector, with 858,373 businesses, and the transportation industry, which accounted for 673,324 businesses.

The labor market also showed growth, with the number of workers employed by local businesses rising 1.1% to reach 25,731,105 by the end of 2024.

The manufacturing sector employed the largest workforce, with 4,146,119 people, trailed by wholesale and retail companies, which employed 3,599,680, and the healthcare and social welfare industries with 2,764,000 employees.

Although the construction and lodging industries saw minor declines in workforce numbers, sectors like healthcare, social welfare, and business facilities management saw small but positive growth in employment.

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