Sunday, June 20News That Matters

Figures Verify Lockdown Devastation of Diminutive Companies

Hospitality companies were the toughest-hit mother-and-pop enterprises when the coronavirus pandemic struck closing year, info from the Nationwide Tax Service account for.

Total, self-employed americans reported W708.6 trillion in sales closing year, down 13 percent from a year earlier (US$1=W1,120).

Diminutive lodging companies were hit hardest with sales declining nine percent to W3.49 trillion, followed by restaurants whose sales fell 5.5 percent to W98.88 trillion. Wholesale companies’ sales declined by W4.3 trillion and vehicle dealerships’ by W2.7 trillion.

In contrast, retail and real estate sales rose by W4.1 trillion and W1.57 trillion.

Declining sales intended loss of jobs. In response to Statistics Korea, the gathering of employed americans declined by 218,000 closing year, in conjunction with 159,000 jobs lost in restaurants and accommodations. The collection of self-employed companies with out staff elevated by 90,000 in 2020, while these that did make use of staff dwindled by 165,000.

The pattern is persevering with this year. The collection of employed americans plunged by one other 380,000 in the first quarter. Self-employed people with staff dwindled by 136,000 while the number with out staff elevated by 30,000.

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