Turkey sees over 84,000 newly established firms in 2019

By Gokhan Ergocun

ISTANBUL (AA) - Turkey saw 84,102 newly established companies in 2019, down by 1.38% on an annual basis.

Some 13,197 companies went out of business over the year, up by 5.04% versus 2018, according to a report of Turkish Union of Chambers and Commodity Exchanges (TOBB) on Friday.

Over 86% of newly established firms were limited companies, while 13.6% of them were joint stock companies.

The top three fields of operation among new companies were wholesale and retail trade, manufacturing and construction.

In 2019, 12,634 companies with foreign partners were established.

The most, some 35,794, opened their doors in Istanbul, followed by the capital Ankara with 8,673, and the mediterranean resort city Antalya with 3,778.

During the year, 1,161 cooperatives were also launched.

Meanwhile, the number of newly-established companies soared 23.49% year-on-year in December to reach 7,849 firms on a yearly basis.

In December, 2,201 firms were liquidated, up by 7.4% versus the same month previous year.