Number of newly established companies in Türkiye declines 3 percent in November

(MENAFN) In November, the number of newly established companies in Türkiye saw a decline of 3 percent compared to the previous year, according to data from the Union of Chambers and Commodity Exchanges of Türkiye (TOBB). A total of 10,092 new companies were launched in November, which was lower than both the 10,808 firms created in October and the 10,403 companies established in November 2022.

Among the newly established companies, 599 were either foreign-partnered or foreign-funded. Despite this slight drop in new company registrations, the number of businesses shutting down increased significantly. A total of 2,631 companies went out of business in November, representing an 8.9 percent rise compared to the same month last year.

From January to November, the total number of new companies founded in Türkiye reached 102,804, reflecting an 11.4 percent decrease from the previous year. This slowdown in new business activity was accompanied by a sharp rise in business closures, with 23,861 companies shutting down during the same period, a 19.7 percent year-on-year increase. These figures highlight a challenging business environment, with both the formation of new companies and the survival of existing ones facing increasing pressure.

The data underscores the difficulties faced by businesses in Türkiye, with higher closure rates pointing to economic challenges that may be affecting business sustainability across various sectors. The rise in closures, coupled with a slowdown in new company establishments, indicates that many entrepreneurs are facing tougher market conditions.

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