New company launches up 32.1% during Jan-May in Turkey

ISTANBUL

The number of newly established companies in Turkey surged 32.1% year-on-year in the first five months of the year, the country's top trade body said on Friday.

Some 45,109 companies were launched this January-May, up from 34,159 in the same period in 2020, according to data released by the Union of Chambers and Commodity Exchanges of Turkey (TOBB). Among these, 4,685 were foreign-partnered or foreign-funded.

During the five-month period, 4,207 firms went out of business, a figure down 9.2% versus the same period last year.

Monthly figures

In May, 4,480 companies started doing business in Turkey, up 30.3% on an annual basis, according to TOBB.


The number of companies that went out of business also grew by 8.4% year-on-year to 556 last month.


According to the TOBB report, 490 companies with overseas capital were established this May.