New company launches double in Türkiye in May

ISTANBUL

The number of newly established companies in Türkiye rose 110.7% in May compared to the same month last year, the country's top trade body said on Friday.

Some 9,438 companies were launched in May, up from 4,480 in May 2021, according to data released by the Union of Chambers and Commodity Exchanges of Türkiye (TOBB).

Among them were almost 1,614 foreign-partnered or foreign-funded companies.

During the month, 2,000 firms also went out of business, up 259.7% from May 2021, which saw the closing of 556 companies.

On a monthly basis, the number of companies established in May dropped 12.2%, while the liquidated ones fell by 7.5%.