Seoul: The number of restaurant owners in the country has been on a continuous decline for over 20 months, reaching a significant milestone in January. This trend highlights the ongoing challenges faced by the restaurant industry due to weak domestic demand and a sluggish economy.

According to Yonhap News Agency, data from the National Tax Service revealed that by the end of January, there were 801,887 active restaurants registered. This represents a 1.9 percent decrease from the previous year and marks the 21st consecutive month of decline. The downturn in the restaurant sector is reflective of broader economic issues affecting domestic demand.

During the same period, the number of active real estate business owners also saw a decline, decreasing by 0.3 percent to 2,428,387. This sector has experienced a consistent decline for 22 months since April 2024. Despite these declines, there was a slight overall growth in the total number of small businesses in the country.

In January, the total number of active businesses reached 10,371,823, showing a 1.7 percent increase compared to the previous year. This suggests that while specific sectors like restaurants and real estate are struggling, other small businesses are managing to experience growth.