The number of newly established businesses in Türkiye decreased by 3 percent in November

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

Among the newly established companies, 599 were either foreign companies or companies financed by foreign capital. Despite this slight drop in new business registrations, the number of business closures has increased significantly. A total of 2,631 businesses closed their doors in November, which represents an increase of 8.9% compared to the same month last year.

From January to November, the total number of new companies founded in Türkiye reached 102,804, a decrease of 11.4% compared to the previous year. This slowdown in new activity was accompanied by a sharp increase in business closures, with 23,861 business closures during the same period, an increase of 19.7% year-on-year. These figures highlight a challenging business environment, in which the creation of new businesses and the survival of existing businesses face increasing pressure.

The data highlights the difficulties faced by businesses in Türkiye, with higher closure rates indicating economic challenges that could affect the sustainability of businesses in various sectors. The increase in closures, coupled with the slowdown in business start-ups, indicates that many entrepreneurs are facing more difficult market conditions.

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