New company launches in Turkey up 17 pct in 2018

ANKARA

Turkey saw an annual rise of 17 percent in the number of newly established companies in 2018, the Turkish Union of Chambers and Commodity Exchanges (TOBB) revealed Jan. 18.

The organization said 85,279 companies were established last year, up from 72,871 in 2017.

The number of companies which went out of business decreased 7 percent year-on-year to stand at 12,564 in 2018.

The number of foreign-partnered or foreign-funded new companies reached 13,405 in the same period.

In December alone, the number of newly founded companies rose by 7.35 percent to 5,921, while a total of 2,015 companies went out of business in the same month, a 1.69 percent increase from a year earlier.

The data revealed that not a single company was launched in the northern province of Gümüşhane and the eastern Bayburt province.

Some 42 percent of the companies launched in December were located in Istanbul, while 11 percent were based in the capital Ankara and 5.6 percent in İzmir.

More than 2,000 companies launched in December last year are engaged in trade activities, while some 900 were manufacturing enterprises and more than 500 were operating in the construction industry.