New company launches up 39 percent

New company launches up 39 percent

New company launches up 39 percent

The number of newly launched companies increased by 38.5 percent in August from a year ago, the Turkish Union of Chambers and Commodity Exchanges (TOBB) announced on Aug. 19 in a report.

Last month, nearly 12,000 new companies were established, compared to 8,800 businesses launched in the same month of 2021.

The number of newly founded companies also showed a sharp increase of 46.1 percent last month from July, according to TOBB.

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

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

The report also said that 1,943 of the new companies were established with foreign partners last month, including 137 Iranian and 128 Russian partners.

In August, 1,713 companies went out of business, up 29 percent from the same month of last year. In July this year, 1,586 businesses halted their operations.

In the first eight months of 2022, the number of newly established companies increased by 23.3 percent from January-August last year to 86,560, the TOBB data also showed.

The number of company shutdowns rose more than 70 percent in the same period on an annual basis to 13,260, the chamber said.