Number of startups decline on year in Q1

Prolonged interest rates in this year's first quarter and sluggish investment has led to a decrease in startups launched this year.

People work at the Seoul Startup Hub's Gongdeok branch in Mapo District, western Seoul, on Tuesday. [YONHAP]

Employees work at the Seoul Startup Hub's Gongdeok branch in Mapo District, western Seoul, on Tuesday.

Prolonged interest rates in this year's first quarter and sluggish investment has led to a decrease in startups launched this year.

There was a total of 30,600 startups in this year's first quarter, down 8.1 percent compared to the same period last year, according to data from the Statistics Korea and the Ministry of SMEs and Startups on Tuesday.