New company launches in Türkiye remain stable in May

ISTANBUL

The number of newly founded companies in Türkiye ticked up slightly by 0.3% year-on-year in May, according to data released by the country’s top trade body on Friday.

Some 10,072 new companies were established last month, data from the Union of Chambers and Commodity Exchanges of Türkiye (TOBB) said.

Among them were 748 foreign-partnered or foreign-funded companies, down from last year’s figure of 961.

The data showed that some 2,759 companies closed in May, up 37.5% year-on-year.

As for cumulative figures, the number of companies founded in Türkiye fell 15.1% on an annual basis to 46,070 in January-May.

This figure included 3,333 new foreign-partnered and foreign-funded companies in the first five months of the year, down from 5,723 a year earlier.

Some 9,917 companies went out of business from January to May, up 30.1% year-on-year.