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Number of newly established companies in Turkey soars in Q1

by Anadolu Agency

ISTANBUL May 21, 2021 - 12:08 pm GMT+3
Undated aerial view of new modern buildings in Maslak and 4th Levent districts of Istanbul, Turkey. (iStock Photo)
Undated aerial view of new modern buildings in Maslak and 4th Levent districts of Istanbul, Turkey. (iStock Photo)
by Anadolu Agency May 21, 2021 12:08 pm

The number of newly established companies in Turkey surged 32.3% year-on-year in the first four months of this year, the country's top trade body said Friday.


Some 40,629 companies were launched this January-April, up from 30,721 in the same period of 2020, according to data released by the Union of Chambers and Commodity Exchanges of Turkey (TOBB).


During the four-month period, 3,651 firms went out of business, a figure down 11.4% versus the same period last year.

A total of 4,195 foreign-partnered or foreign-funded new companies were launched in the January-April period.


In April, 8,565 companies started doing business in Turkey, up 204.5% on an annual basis, according to TOBB.


The number of companies that went out of business also grew 130.1% year-on-year to 957 last month.


According to the TOBB report, 977 companies with foreign capital were established this March.

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