Number of new Turkish companies launched declined in March

ANKARA

Some 7,057 companies were launched in Turkey last month, showed data from the Turkish Union of Chambers and Commodity Exchanges (TOBB) on April 19.

The number of newly established companies fell 5.5 percent year-on-year in March, according to the union.

However, the March figure was up 5.4 percent from the previous month.

The chamber’s figures showed that the top three sectors the new companies have chosen to operate in were trade, construction and manufacturing.

According to TOBB, a total of 640 Turkish companies went out of business last month, an annual decline of 12.6 percent.

The figures also showed that 1,082 foreign-partnered or foreign-funded fresh companies were formed during the month.

Of these companies, 563 had Turkish partners, 80 had Iranian partners and 73 had Syrian partners, TOBB said.

In the first three months of the year, the number of newly launched companies declined to 22,029, which is an 8.59 percent decrease compared to the same period in 2018.

In the first quarter of 2019, 3,192 companies went out of business compared to 3,564 businesses that closed at this time a year ago.