New company launches soar 111 percent in May

New company launches soar 111 percent in May

New company launches soar 111 percent in May

The number of newly launched companies increased by 110.7 percent in May from a year ago, the Turkish Union of Chambers and Commodity Exchanges (TOBB) announced on June 17 in a report.

In May, a total of 9,438 new companies were established, compared to 4,480 businesses launched in the same month of 2021.
In the first five months of 2021, the number of newly established businesses also rose by 16.7 percent from January-May last year to 52,625.
The chamber’s figures showed that most of the newly launched companies in May are operating in the trade, manufacturing and construction sectors.

The report also said that 1,614 of the new companies were established with foreign partners last month.
The number of company shutdowns rose by 260 percent last month from a year ago, the TOBB data showed. Last month, 2,000 firms went out of business.

From January to May, a total of 7,321 businesses were closed, up from 4,207 company closures in the same period of 2021.

Separately, participants of the Central Bank’s regular survey revised upwards their economic growth expectations for 2022 from a previous 3.3 percent to 3.5 percent.

They, however, cut their growth forecast for 2023 from 4 percent to 3.8 percent.
The Turkish economy expanded 7.3 percent in the first quarter of 2022 from a year ago.
The participants of the survey include business organizations, holding companies, banks and non-bank financial institutions, and professionals.

Consumer price inflation is expected to be 3.77 percent in June, the Bank’s Market Participants Survey, also showed on June 17.
They lifted their end-year consumer price inflation expectations to 64.59 percent from 57.92 percent in the previous survey.

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