The number of newly established companies in Turkey rose 8.5 percent year-on-year to reach 5,952 in June, the Turkish Union of Chambers and Commodity Exchanges (TOBB) said on Friday.

According to TOBB, 1,016 companies went out of business in the month, which saw an increase of 29.3 percent compared to June 2016. The figures also show that a total of 462 foreign-partnered or foreign-funded new companies launched in June, of which 115 were founded directly by Syrians or by them in partnerships.

In the first half of the year, 36,299 new companies started their businesses in the country, an annual decrease of 1.3 percent, according to TOBB.

The TOBB figures show an 11 percent year-on-year rise in the number of companies that went out of business, reaching 5,898 from January to June. The number of foreign-partnered or foreign-funded new companies was 2,838 in the same period.