S. Korea’s construction contracts decline in ’23

South Korea’s construction contracts totalled 298 trillion won ($224.2 billion) in 2023, down 12.1 percent from the previous year, according to Statistics Korea report on Tuesday.

Domestic contracts fell 14.4 percent to 258 trillion won ($194.1 billion), while overseas contracts increased by 6.6 percent.

Despite the overall decline in construction contracts, the number of construction companies in South Korea grew by 0.8 percent to 87,891year-on-year in 2023.

Meanwhile, domestic contract amounts rose in industrial facilities (26.9 per cent) and landscaping (11.9 per cent) sectors, but fell in architecture (-22.9 per cent) and civil engineering (-3.6 per cent) sectors.

Attribution: Statistics Korea report 

Subediting: Y.Yasser