Turkey: New company launches leap in Q1

ANKARA

The number of newly established companies in Turkey surged 15% year-on-year in the first quarter of this year, the country's top trade body said on Friday.

A Union of Chambers and Commodity Exchanges of Turkey (TOBB) report showed 32,064 companies were formed this January-March, up from 27,908 a year ago.

In the first three months of this year, 2,694 firms went out of business, a figure down 27.3% compared to the same period in 2020.

A total of 3,218 foreign-partnered or foreign-funded new companies were launched in the month.

Monthly figures

In March, 10,879 companies started doing business in Turkey, up 31.5% on an annual basis, according to TOBB.

The number of companies that went out of business also grew 27.5% year-on-year to 973 last month.

According to the TOBB report, 1,202 companies with overseas capital were established this March.