Seven in 10 small businesses in Korea failed to survive past five years, government data showed Wednesday.

Among small-scale enterprises that opened in 2008, only 29 percent remained in business in 2012, according to a report that the Small and Medium Business Administration submitted to lawmaker Lee Che-ik.

It also showed that the finance and insurance sectors were the toughest for small businesses, with only 45.7 percent of them remaining open after a year.

“The figure indicates how difficult conditions are for the self-employed,” Rep. Lee said.