Turkey, Economy

Turkey: Nearly 7,200 new companies launched in July

Number of recently established companies rises 5.9% year-on-year, says top trade union

Gokhan Ergocun   | 23.08.2019
Turkey: Nearly 7,200 new companies launched in July FILE PHOTO

ISTANBUL

Some 7,197 companies were established in Turkey in July, marking an annual and monthly rise, the county's top trade union revealed on Friday.

The number of recently launched companies rose 5.9% year-on-year last month and 57% on a monthly basis, according to the Turkish Union of Chambers and Commodity Exchanges (TOBB).

Meanwhile, TOBB said a total of 1,119 companies went out of business during the same period, with annual and monthly increases of 56.07% and 22.7%, respectively.

The figures showed 1,204 foreign-partnered or foreign-funded fresh companies were formed during the month.

"Of these companies, 692 had Turkish partners, 92 had Syrian partners and 72 had Iranian partners," it said.

January-July period

Nearly 47,173 companies launched in the country in the first seven months of this year, with an annual decline of 11.09%.

The figures showed that more than 6,632 companies went out of business in the same period, up by 4.8%.

The number of foreign-partnered or foreign-funded new companies reached nearly 7,400 between January to July.

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