67,000 Businesses Closed in June Alone This Year... 43% Were in Retail and Restaurant Sectors

43% of Closed Businesses Were in Retail and Restaurants
Economic Indicators to Be Provided Monthly to Ministries and Local Governments
Data to Support Policy Development and Revitalize Local Commercial Districts
National Tax Service to Expand Public Access via Statistics Portal

It has been revealed that the number of businesses that closed in June this year reached 67,000. More than four out of ten closed businesses were in the retail and restaurant sectors.

According to the "Status of Business Openings and Closures" released by the National Tax Service on August 20, the number of operating businesses in June was 10.27 million, an increase of 15,000 from the previous month. The number of new businesses was 96,000, up by 2,000, while the number of closed businesses was 67,000, an increase of 5,000.

Of the closed businesses, 43% were in the retail and restaurant sectors. By industry, the number of closed businesses was highest in retail with 18,000, followed by restaurants with 11,000, real estate with 7,000, wholesale and product brokerage with 4,000, and construction with 4,000.

The National Tax Service has decided to provide this monthly data on business openings and closures, which is closely linked to domestic consumption indicators, to relevant ministries and local governments.

A National Tax Service official stated, "The aim is to provide economic indicators quickly to help develop prompt measures for livelihood and economic support, as well as policies to revitalize local commercial districts in order to overcome the current difficult economic situation." The official added, "We plan to provide the previous month's data for five indicators-business openings and closures by self-employed individuals, issuance of cash receipts, credit card usage, issuance of electronic tax invoices, and import/export status-at the end of the following month."

The National Tax Service will also make the produced economic indicators available through the Joint Utilization Data Registration Management System operated by the Ministry of the Interior and Safety, so that local governments and national agencies can use them as needed. These indicators will also be provided on the National Tax Service website.

A National Tax Service official said, "Each local government can use data on business openings, closures, and sales by industry within its jurisdiction in a timely manner when formulating various policies. In addition, as these monthly economic indicators accumulate, it is expected that it will become easier to identify trends in consumption, production, and import/export by industry in each region in the future."

Specifically, for the status of business openings and closures by self-employed individuals, economic indicators categorized by 52 industries and 252 cities, counties, and districts can be used to develop policies for job creation and revitalization of local commercial districts. Prospective entrepreneurs can also use this data when choosing a location or industry for their new business.

The status of cash receipt issuance and credit card usage serves as a leading economic indicator for identifying increases or decreases in sales of self-employed businesses, as these are major payment methods for consumers. The National Tax Service expects that by utilizing economic indicators categorized by eight business types and 252 cities, counties, and districts, it will be possible to better understand economic trends across industries and regions, and to develop support policies for self-employed businesses.

Going forward, the National Tax Service plans to make these economic indicators accessible not only to national agencies and local governments but also to the general public through the National Tax Statistics Portal, ensuring easy and convenient access for everyone.