New company launches in Türkiye tick up in Q1

By Tuba Ongun

ANKARA (AA) - The number of newly established companies in Türkiye rose by 8% year-on-year in the first quarter of this year, the country’s top trade body said on Monday.

A total of 35,032 companies were set up in January-March, data from the Union of Chambers and Commodity Exchanges of Türkiye (TOBB) showed.

Among them were 3,878 foreign-partnered or foreign-funded companies, down from 4,336 last year.

During the three-month period, 4,195 firms went out of business, an annual hike of 32.8% from a year earlier.

In March, 11,319 new companies were set up, marking a slight rise of 1.2%. Some 1,254 new foreign-partnered or foreign-funded companies were launched in the country, versus 1,742 in March 2022.

The number of firms that have gone out of business reached 1,451 in March, up 6.7% year-on-year, according to TOBB figures.