Newly-established Turkish businesses up 24% y/y in August

By bne IntelliNews September 18, 2015

The number of newly-established businesses in Turkey rose by 24% y/y and 6% m/m to 4,980 in August, data from the Union of Chambers and Commodity Exchanges of Turkey (TOBB) showed on September 18. The number of businesses closed in the same period declined by 14% y/y and 26% m/m to 644 in the month.

Statistics of enterprises has been showing a mild trend in parallel with the growth figures. Turkish economy has been growing steadily in the last 23 quarters since the third quarter of 2009, although growth performance has lost pace in the last four years since 2011. Turkey’s $800bn economy grew by 3.8% y/y in the second quarter, up from 2.5% y/y in Q1. But, the economic growth may slow in the remainder of the year if the November elections produce another hung parliament and clashes with the PKK continue, further depressing consumer confidence and business sentiment. Deputy PM Cevdet Yilmaz, who is in charge of the economy, told on September 17 TV channel NTV that he expects the Turkish economy to grow by around 3%.

In January-August, the number of newly-established companies were up 18% y/y to 44,775, however the number of companies closed over the same period fell 8% y/y to 8,233.

In 2014, 57,710 new businesses were established, an 18% increase from 2013, while 14,002 businesses were closed, representing a 10% y/y decline.

Enterprise Statistics for Turkey
    Aug-15 Jul-15 m/m, % Aug-14 y/y, % Jan-Aug/14 Jan-Aug/15 %
Newly established Company  4,980  4,705 5.84  4,017 23.97  38,044  44,775 17.69
Cooperative  47  55 -14.55  50 -6  708  637 -10.03
Sole proprietorship  2,940  2,982 -1.41  3,059 -3.89  51,468  32,455 -36.94
In Liquidation Company  352  932 -62.23  708 -50.28  9,289  7,459 -19.7
Cooperative  72  300 -76  133 -45.86  1,485  1,144 -22.96
Closed Company  644  873 -26.23  752 -14.36  8,974  8,233 -8.26
Cooperative  116  180 -35.56  122 -4.92  1,207  1,089 -9.78
Sole proprietorship  1,267  1,731 -26.81  1,103 14.87  13,575  13,570 -0.04
source: tobb
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