Turkey: Number of newly launched companies up in 2017

By Tuba Sahin

ANKARA (AA) - Turkey's new business filings were up in 2017, an umbrella association of Turkish business community said Friday.

The number of newly launched companies in the country rose by 14.4 percent year-on-year in 2017, the Turkish Union of Chambers and Commodity Exchanges (TOBB) said in a report.

TOBB said 72,871 companies were established last year, up from 63,709 in 2016.

The report showed that 13,517 companies went out of business in 2017, marking a 22.5 percent increase compared to the previous year.

The number of newly established foreign-partnered or foreign-funded companies jumped by 49 percent to reach at 6,731 during the same period. The figure was 4,523 in 2016.

The report indicated an annual rise of 22.9-percent in the number of newly launched companies in December alone, reaching 4,818.

Also in December, a total of 717 foreign-partnered companies were established, the report added.