Number of self-employed declines amid economic slump

SEOUL, May 19 (Yonhap) -- The number of self-employed South Koreans continued to
decline in April as businesses were buffeted by faltering sales amid a protracted
economic slump, government data showed Tuesday.
As of the end of April, there were a total of 5.76 million sole proprietors in
the country, down 269,000 or 4.5 percent from a year earlier, according to data
provided by the Ministry of Strategy and Finance and the National Statistical
Office.
The number of self-employed people fell below the 6-million mark in December for
the first time since 2000 as the economy was hit hard by deepening recession
woes.
The April figures mark 35 consecutive months of decline since May 2006 and the
sharpest contraction during the cited period.
The decline is attributed to the fast sliding economy, which caused consumers to
tighten their purse strings and forced sole proprietors out of business due to
rising losses.
The nation's jobless rate stood at 3.8 percent last month from the previous
month's 4 percent mainly thanks to the government's efforts to create work in the
public sector.
The government is striving to bolster the country's weakening domestic demand
through diverse tax breaks, deregulation and other economy-boosting measures.
South Korea's economy rose 0.1 percent in the first quarter of this year from
three months earlier after falling 5.1 percent in the fourth quarter.
kokobj@yna.co.kr
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