According to statistics released by the Bank of Korea on the 3rd,’Loans by Industry for Deposit Handling Organizations in the 4th Quarter of 2020′, loans for all industries as of the end of the fourth quarter of last year were 1393 trillion won, an increase of 27 trillion won compared to the third quarter. Although the increase was less than in the third quarter, when looking at the whole of last year, it increased by 18.89 trillion won compared to the previous year, recording a record high.
In particular, by industry, service loans increased by 28.700 billion won compared to the end of the third quarter of last year, reaching 88.07 trillion won at the end of last year. The increase in the fourth quarter of last year was similar to the third quarter (28.900 trillion won), and on an annual basis, the increase from the previous year was 13.8 trillion won, the largest since statistics. Among the service industries, the wholesale and retail businesses (5.3 trillion won) and the lodging and restaurants (2.3 trillion won) growth were remarkable. On the other hand, manufacturing loans in the fourth quarter of last year decreased by 2.2 trillion won compared to the third quarter.
As the quarantine measures caused by Corona 19 are prolonged, small business owners are suffering from business restrictions, and the government announced the’Service Industry Corona 19 Response and Development Strategy’ to increase the proportion of added value in the service industry. The government announced that it will create 300,000 jobs by 2025 through the improvement of the service industry and increase the proportion of added value in the service industry from the previous 60% to 65%.
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