During the first quarter of this year, the number of newly established companies in Turkey surged 15% year-on-year, the country's top trade body said on Friday.

A Union of Chambers and Commodity Exchanges of Turkey (TOBB) report showed 32,064 companies were formed this January-March, up from 27,908 a year ago.

In the first three months of this year, 2,694 firms went out of business, a figure down 27.3% compared to the same period in 2020.

A total of 3,218 foreign-partnered or foreign-funded new companies were launched in the month.

In March, 10,879 companies started doing business in Turkey, up 31.5% on an annual basis, according to TOBB.

The number of companies that went out of business also grew 27.5% year-on-year to 973 last month.

According to the TOBB report, 1,202 companies with overseas capital were established this March.

Meanwhile, some 38.5% of companies and cooperatives were established in Istanbul, 10% in capital Ankara and 6.1% western in Izmir province. In March, new companies were established in all provinces of the country.

Of the companies and cooperatives established last month, 3,692 took part in the business sector, 1,808 in the manufacturing sector and 1,310 in the construction sector.