Turkey saw an annual rise of 17 percent in the number of newly established companies in 2018, the Turkish Union of Chambers and Commodity Exchanges (TOBB) revealed Friday.

The organization said 85,279 companies were established last year, up from 72,871 in 2017.

The number of companies which went out of business decreased 7 percent year-on-year to stand at 12,564 in 2018.

The number of foreign-partnered or foreign-funded new companies reached 13,405 in the same period.