SMEs Ministry to Release Real-Time Small Business Statistics Using Private Sector Data

Business Agreement Signed with Korea Credit Data

The Ministry of SMEs and Startups has decided to improve the accuracy of statistics related to small business owners by utilizing private sector data. This move addresses the issue of a lack of timeliness in government-approved statistics, which often suffer from a time lag between the point of survey and the date of release.

Street view of Myeongdong, Seoul

On March 26, the Ministry signed a "Mutual Business Agreement for Strengthening Data-Based Small Business Administration" with Korea Credit Data at its headquarters in Gangnam-gu, Seoul.

Until now, the Ministry has published government-approved statistics such as the Survey on Small Business Owners and the Business Survey Index (BSI), but concerns have been raised about their limitations in accuracy and timeliness due to the time lag between data collection and publication, and the limited amount of data available for policy decision-making.

The Ministry plans to collaborate with various organizations to integrate and build both public and private data related to small business owners, aiming to further advance small business policies with a data-driven approach.

First, in cooperation with the National Tax Service, the Ministry will work to secure accurate financial data. Tax data from the National Tax Service is not only highly reliable but can also be used to identify multi-business owners and those with side businesses among small business owners, thus increasing the efficiency of policy support.

In addition, the Ministry plans to partner with various private data companies to analyze the real-time policy effects on neighborhood commercial districts and traditional markets. Unlike public data, private sector data can be obtained in real time, enabling the Ministry to quickly detect changes in the business conditions of small business owners amid rapid external environmental changes.

In its first release, the Ministry will announce next month the changes in sales of small business owners in the vicinity of Gwanghwamun, Seoul, following the BTS concert held there on March 21. It also plans to analyze and publish small business sales figures for the first quarter of this year during the first half of 2026.

Vice Minister Lee Byungkwon stated, "The national statistics on small business owners released by the Ministry thus far have had limitations in assessing the current economic situation or policy effects when designing new policies," adding, "Through collaboration with various private institutions, including Korea Credit Data, with whom we have just signed a business agreement, we intend to share data, minimize the time lag, and utilize this information for small business policy development and analysis."

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