Number of company startups down 7 pct on yearly basis in June

ANKARA – Anadolu Agency

Turkey saw a 7.3 percent annual decline in the number of newly established companies in June, the Turkish Union of Chambers and Commodity Exchanges (TOBB) announced on July 20 in a report.

A total of 5,514 new companies were established last month, compared to 5,952 startups in June 2017, the report said.

According to the report, the top three sectors the new companies chose to operate in were wholesale trade, construction, and real estate.

“In June 2018, 888 companies with foreign partners were established,” the report said, adding 437 of these companies had Turkish partners, 105 had Iranian partners, and 104 had Syrian partners.

TOBB also noted that the number of company shutdowns in June was down substantially, by 32.5 percent on a yearly basis — from 1,016 to 686.

In the first six months of the year, Turkey saw an increase of 27.4 percent in the number of newly established companies, reaching 46,258, it said.

In January to June period, 5,417 companies closed, down by 8.2 percent from 5,898 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.