S. Korea’s internet industry surpasses 600 tln won in sales in 2022: data

South Korea's internet industry saw its revenue surpass 600 trillion won (US$435.5 billion) for the first time in 2022, data showed Monday. The total sales of the local internet industry reached 622.1 trillion won in 2022, up 16.6 percent from 533.7 billion won a year ago, according to data compiled by the Korea Internet Corporations Association (KICA). The internet industry accounted for 13.5 percent of the country's total industry sales of 4.6 quadrillion won for the year. The industry's annual growth pace of 16.6 percent outpaced other key sectors of Asia's fourth-largest economy, such as the manufacturing sector, which posted 16.4 percent, and the wholesale and retail industry with 12.9 percent. The KICA data also showed that 1.87 million people worked for internet corporations in 2022, up 16.8 percent on-year from 1.6 million. Its on-year growth outnumbered the average growth rate of 1.1 percent across all industries. Source: Yonhap News Agency