Newly established businesses up 7.6% on year in Korea in Q3

2017.11.01 16:19:58 | 2017.11.01 16:20:25
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In another sign of pickup in the domestic economy, new entries to the Korean manufacturing sector sharply increased in the third quarter, the Ministry of SMEs and Startups (MSS) said Wednesday.

The number of newly created enterprises rose 7.6 percent to 25,174 in the third quarter from 1,768 in the same period a year ago. In September alone, 8,399 new businesses opened, up 20.9 percent from the same period last year.

Reinvigorated manufacturing activity due to global economic recovery encouraged business openings, the ministry said.

Among new entries, 21.9 percent has been from manufacturers and 19.0 percent retailers and wholesalers, 10.4 percent constructors, and 9.4 percent real estate rental businesses.

The number of new manufacturers increased 15.2 percent on year between July and September, and electricity, gas, steam and air conditioning suppliers more than quadrupled during the same period. By region, Sejong City and South Jeolla Province saw the biggest jump in startups, up 31.8 percent in Sejong and 24.1 percent in South Jeolla Province.

By Jin Young-tae and Lee Ha-yeon

[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]

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