8,043,000 Domestic SMEs... Sales Amount 3,309.0291 Trillion KRW

'2022 Basic Statistics on Small and Medium Enterprises' Released
Number of Small and Medium Enterprises Accounts for 99.9% of All Businesses

The number of small and medium-sized enterprises (SMEs) in South Korea reached 8,043,000, accounting for 99.9% of all businesses.

Minister Oh Young-joo of the Ministry of SMEs and Startups
[Photo by Yonhap News]

The Ministry of SMEs and Startups announced the results of the "2022 Basic Statistics on SMEs" containing this information on the 29th.

As of 2022, the number of domestic SMEs was 8,042,726, an increase of 4.3% (28,831 businesses) compared to the previous year. This accounts for approximately 99.9% of all companies. The number of employees was 18,956,294, up 2.5% (463,680 people) from the previous year, and sales also increased by 9.7% (29,190.43 billion KRW) to 3,309 trillion 29.1 billion KRW compared to the previous year.

By industry, the number of companies increased in all sectors except for real estate (-3.8%) and mining (-1.9%) compared to the previous year. Retail and wholesale (8.4%), construction (5.5%), and others showed growth. Industries affected by COVID-19 such as education services (7.1%), accommodation and food services (1.7%), and arts, sports, and leisure-related services (3.9%) also increased.

By industry, the number of employees increased in 14 sectors including retail and wholesale (3.4%) and information and communication (17.8%), while it decreased in 4 sectors including real estate (-2.5%) and finance and insurance (-4.7%).

Sales by industry increased in all sectors compared to the previous year except for real estate, which decreased by 6%. In particular, sales in accommodation and food services, arts, sports and leisure, and education services, which were heavily affected by COVID-19, increased by 22.1%, 24.5%, and 11.7%, respectively, compared to the previous year.

By region, the number of companies located in the metropolitan area (Seoul, Gyeonggi, Incheon) was 4,206,779, an increase of 188,721 (4.7%) compared to the previous year, while non-metropolitan areas had 3,835,947 companies, an increase of 140,110 (3.8%), showing a relatively higher growth rate in the metropolitan area.

By organizational type, sole proprietorships numbered 7,024,490, an increase of 265,160 (3.9%) compared to the previous year, and corporations numbered 1,018,236, an increase of 63,671 (6.7%).

By employee size, one-person companies increased by 354,225 (6.1%) to 6,149,597, whereas companies with two or more employees decreased by 25,394 (1.3%) to 1,893,129 compared to the previous year.

This content was produced with the assistance of AI translation services.