New company launches in Türkiye fall 19.9% in August

By Tuba Sahin

The number of newly established companies in Türkiye plunged 19.9% year-on-year in August, according to data released by the country’s top trade body on Friday.

A total of 10,503 new companies were set up last month, data from the Union of Chambers and Commodity Exchanges of Türkiye (TOBB) showed.

Among them were 1,051 foreign-partnered or foreign-funded companies, a significant decline from 1,943 in August 2022.

Some 1,709 companies went out of business this August, a marginal decrease of 0.2% from the previous year.

In January-August, the number of companies set up in Türkiye dropped 3.5% year-on-year to 83,504.

These included 8,699 new foreign-partnered or foreign-funded companies in the first eight months of 2023, down steeply from 13,196 a year earlier.

Some 13,268 companies went out of business from January to August, up 0.1% annually, according to TOBB figures.