Number of new firms in Korea up 1.7% in January

The number of new companies kicking off operations in Korea advanced 1.7 percent on-year in January, data showed Sunday, marking a record-high figure for the month.

According to data compiled by the state-run Small and Medium Business Administration (SMBA), the number of new businesses in the country reached 8,210 in January, compared to the 8,070 posted a year earlier.

The growth, however, marked a sharp decrease from the 10 percent on-month increase posted in December.

The SMBA said the slowed growth followed the decrease in the number of business days in January, while last year's figure also marked a record level for the first month of the year.

By industry, wholesalers and retailers accounted for 21.7 percent of the new companies, followed by manufacturers and builders with 19.4 percent and 12.3 percent, respectively. (Yonhap)