The number of newly established companies in Turkey rose nearly 33 percent year-on-year in May, the Turkish Union of Chambers and Commodity Exchanges (TOBB) announced Friday in a report.
A total of 8,190 new companies were established last month, compared to 6,158 startups in May 2017, the report said.
According to the data, the top three sectors the new companies chose to operate in were wholesale trade, construction, and real estate.
"In May 2018, 1,278 companies with foreign partners were established," the report said, adding 689 of these companies had Turkish partners, while 162 had Syrian partners, and 140 had Saudi Arabian partners.
TOBB also noted that the number of company shutdowns in May was down substantially, by 25.6 percent on a yearly basis -- from 792 to 589.
Between January and May, Turkey saw an increase of 34.3 percent in newly established companies, reaching 40,744, it said.
In the five-month period, 4,731 companies closed, down by 3.1 percent from 4,882 companies in the same period last year.
In 2017, a total of 72,871 companies were established -- up 14.4 percent from the previous year -- while 13,517 companies went out of business.
TOBB's next batch of data on newly launched business figures for June is scheduled for July 20.
By Gokhan Ergocun