New company launches up 25 pct across Turkey in September

ANKARA - Anadolu Agency

Turkey saw a 25.31 percent annual rise in the number of newly established companies in September, the Turkish Union of Chambers and Commodity Exchanges (TOBB) announced on Oct. 19 in a report.

A total of 6,328 new companies were established last month, compared to 5,050 startups in September 2017, the report said.

According to the data, the top three sectors the new companies chose to operate in were wholesale trade, manufacturing and construction.

“In September 2018, 1,377 companies with foreign partners were established,” the report said, adding 705 of these companies had Turkish partners, 163 had Syrian partners and 130 had Iranian partners.

TOBB also noted the number of company shutdowns in September was up substantially, by 25.57 percent on a yearly basis—from 884 to 1,110.

In the first nine month of the year, Turkey saw an increase of 22 percent in newly established companies, reaching 64,826, it said.

In the January to September period, 8,305 companies closed, down by 8.64 percent from 9,090 companies in the same period last year.

In 2017, a total of 72,871 companies were established—up 14.4 percent from the previous year—while 13,517 companies went out of business.