News ID: 196804
Published: 0512 GMT July 17, 2017

Number of self-employed retailers drops in South Korea

Number of self-employed retailers drops in South Korea
YONHAP

The number of people who run small businesses without any employees in the retail sector declined this year, data showed on Monday, amid a prolonged slump due to lukewarm private consumption in Asia's fourth-largest economy.

According to the data from the Bank of Korea (BoK), the number of small business owners without employees in the sector dropped by some 10,000 in the January-May period compared with the same period last year, Yonhap reported.

The total number of self-employed small business owners without employees in the country, meanwhile, increased by 419,000 on-year during the cited period, the data showed. Small business owners with employees also increased by 665,000 on-year in the January-May period.

Experts say snowballing household debt has been a major drag on private consumption, leading many self-employed businessmen in the industry to go out of business.

South Korea's household debt, including credit purchases, hit a record 1,359.7 trillion won ($1.2 trillion) at the end of March.

   
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