The number of self-employed people who closed their businesses last year hit a record high in five years.

Statistics Korea said Saturday that the number of self-employed South Koreans fell 89-thousand last year to five-point-56 million. The agency noted the drop is the steepest since 2010.

The figure reached nearly six-point-two million in 2002 but dropped to five-point-nine million in 2008 and has since been dwindling.

The sluggish economy and oversupply of self-employed business people are attributed to the drop.