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Total of Korean companies grows in 2024 despite industrial companies decline

[28/09/2025 11:52]

SEOUL-SABA
Data from the Korean Statistical Office showed that the figure of companies in Korea increased by about 2 percent in 2024 compared to the previous year, but the number of industrial companies decreased by more than 6 percent amid an economic slowdown.

According to the agency's data, the number of companies in the fourth-largest economy in Asia reached 6.35 million last year, compared to 6.25 million companies the previous year.

The wholesale and retail sector was the largest in terms of the number of companies, with 1.61 million companies in 2024, up 2.3% from the previous year.

The accommodation and restaurant sector came in second with 858,373 companies, a decrease of 0.2 percent compared to the previous year.

The companies in the electricity and gas sectors jumped by 33.7 percent year-on-year to 147,040 companies, while the number of companies in the science and technology sector increased by 4.9 percent to 243,418 companies.

On the other hand, the manufacturing companies decreased by 6.1 percent year-on-year to 504,728 companies, and the number of agriculture and fishing companies fell by 6 percent to 11,876 companies.