New company launches up 33 percent

New company launches up 33 percent

New company launches up 33 percent

The number of newly launched companies increased more than 33 percent in October from a year ago, the Turkish Union of Chambers and Commodity Exchanges (TOBB) has announced.

Last month, more than 12,000 new companies were established, compared to 9,300 businesses launched in the same month of 2021.

The number of newly founded companies, however, declined by 4.5 from September, according to TOBB.

More than half of the new enterprises and cooperatives were launched in Türkiye’s three largest cities: Istanbul, Ankara and İzmir.

Most of the newly launched companies in October operate in the trade (4,400), manufacturing (1,800) and construction (1,500) sectors.

The report also said that 1,651 of the new companies were established with foreign partners last month, including 144 Russian and 96 Iranian partners.

In September, nearly 1,500 companies went out of business, pointing to a 13.8 percent increase from the same month of 2021. Company closures, however, declined by 14.1 percent on a monthly basis.

In January-September, more than 112,000 new companies were launched in Türkiye, rising 24.9 percent from a year ago, while the number of company shutdowns rose by 55.9 percent to nearly 17,000 data from TOBB also showed.