New company formation in Turkey declines, business closures rise in November
Date
12/21/2024 1:01:16 PM
(MENAFN) The number of new businesses established in Turkey fell by 3 percent in November compared to the previous year, according to data released on Friday by the Union of Chambers and Commodity Exchanges of Turkey (TOBB).
In total, 10,092 companies were founded last month, a decrease from 10,808 in October and 10,403 in November 2022, the TOBB report revealed.
Of these new businesses, 599 were either foreign-funded or had foreign partnerships.
In contrast, business closures saw a significant increase. A total of 2,631 companies ceased operations in November, representing an 8.9 percent rise compared to the same month in 2023.
Between January and November, 102,804 new companies were registered across Türkiye, marking an 11.4 percent decline from the previous year.
During the same 11-month period, 23,861 businesses closed, reflecting a sharp 19.7 percent year-on-year increase, according to TOBB data.
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