New company launches up 24 percent

New company launches up 24 percent

New company launches up 24 percent

The number of newly launched companies increased by 23.7 percent in June from a year ago, the Turkish Union of Chambers and Commodity Exchanges (TOBB) announced on Aug. 19 in a report.

Last month, more than 8,300 new companies were established, compared with 6,700 businesses launched in the same month of 2021.

However, the number of newly founded companies declined by nearly 38 percent from June, TOBB data showed.

In the first seven months of 2022, the number of newly established businesses increased by 21 percent from January-July last year to 74,400.

The chamber’s figures showed that most of the newly launched companies in July operate in the trade, manufacturing and construction sectors.

The report also said that 1,425 of the new companies were established with foreign partners last month.

The number of company shutdowns rose by 53.7 percent last month from a year ago but fell 40 percent compared with June, the TOBB data showed.

Last month, 1,586 firms went out of business.

From January to July, 11,547 businesses were closed, up from 6,465 company closures in the same period of 2021.

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