The number of newly established companies in South Korea fell for the second consecutive year in 2022 amid an economic slowdown, data showed.

Some 997,000 businesses were newly established in 2022, down 3.5 percent from a year earlier, according to data compiled by Statistics Korea.

In 2021, the figure decreased 3.4 percent, or 35,000 firms, on-year to come to 1.02 million amid the COVID-19 pandemic.

By industry, the number of newcomers in the real estate sector fell by the largest 32,000 entities, followed by the manufacturing sector with 8,000 fewer new companies and the construction firm with 5,000 fewer new firms.

The proportion of newly established companies out of all business entities came to 13.6 percent in 2022, the lowest level since 2011, when the government began compiling relevant data. (Yonhap)