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25-04-23
Türkiye Sees Increase in Newly Established Companies in Q1 2023
(MENAFN) The Union of Chambers and Commodity Exchanges of Türkiye (TOBB) has reported an 8 percent year-on-year increase in the number of newly established companies in the country during the first quarter of 2023. According to TOBB data, a total of 35,032 companies were set up from January to March, indicating a positive trend in the country's economy.
Out of the total number of newly established companies, 3,878 were foreign-partnered or foreign-funded, which is lower than the previous year's figure of 4,336. While the decrease in the number of foreign-partnered or foreign-funded companies may indicate a slowdown in foreign investment, the overall increase in newly established companies is still a promising sign of a growing economy.
However, the first quarter of 2023 also saw 4,195 companies going out of business, marking an annual increase of 32.8 percent from the previous year. This increase in the number of firms going out of business highlights the challenges faced by businesses in the current economic climate.
In March 2023, 11,319 new companies were established, indicating a slight rise of 1.2 percent from the previous month. Out of these new companies, 1,254 were foreign-partnered or foreign-funded, which is lower than the figure reported in March 2022, indicating a potential decrease in foreign investment. The number of firms that went out of business in March 2023 reached 1,451, an annual increase of 6.7 percent.
These figures suggest that the business landscape in Türkiye remains dynamic and challenging. While the increase in newly established companies is a positive sign, the rise in companies going out of business highlights the need for businesses to adapt and innovate to succeed in the current economic climate. It is essential that the government and other stakeholders continue to support businesses and provide an environment conducive to growth and development.
MENAFN25042023000045014228ID1106090695
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