The number of newly established companies in Turkey surged 18 percent year-on-year in the January-November period, the Turkish Union of Chambers and Commodity Exchanges (TOBB) announced Friday.

Some 78,923 companies started doing business in the first 11 months of this year, up from 66,950 in the same period last year, according to a statement from the organization. TOBB figures also showed that the number of companies going out of business dropped 8.6 percent to reach 10,515 in the same period.

A total of 12,376 foreign-partnered or foreign-funded new companies were launched between January and November. Last month, 7,016 companies were formed in Turkey, increasing nearly 2 percent compared to November 2017.

The number of companies that went out of business fell 7 percent on an annual basis to stand at 1,048 companies in November.

The TOBB report added that 1,291 foreign-partnered or foreign-funded new companies were established during the month.