Turkey: Company startups up 25 pct in Nov. from 2016

ANKARA (AA) - Turkey saw a nearly 25 percent annual rise in the number of newly established companies in November, the Turkish Union of Chambers and Commodity Exchanges (TOBB) announced on Friday.

The organization said compared with November 2016, the number of companies founded rose 24.63 percent, while the number of companies that closed climbed 5.41 percent year-on-year.

Meanwhile, the number of companies that closed dropped substantially, by 11.71 percent, from 1,281 in October 2017 to 1,131 in November, says TOBB.

The number of companies founded this November inched down 0.56 percent from 6,926 in the previous month to 6,887.

In the first 11 months of 2017, 66,950 companies were founded in Turkey, a rise of almost 13.68 percent, said the TOBB.

In the same period, 11,502 firms went out of business, climbing 23.61 percent.

TOBB added that in November, 795 foreign-partnered or foreign-funded new companies were founded in Turkey, and in the first 11 months of the year, 6,014 foreign-partnered or foreign-funded new companies started operations.