The number of closed enterprises in Turkey increases by 50 percent in November

Despite statement that the economy is under control and there is no need to panic, Turkey saw almost 50 percent rise in number of closed enterprises in November. Based on most recent data from the Union of Chambers and Commodity Exchanges of Turkey (TOBB) there was an increase of 47.8 percent in the number of closed enterprises in Turkey in November compared to the same month of 2015. As the Turkish economy continues to struggle,  a total of 1,073 companies went out of business in November.

Some 5,526 new companies were formed in Turkey in November, representing a 1.28 percent increase compared to the same month last year. However, in the first 11 months of the year the number of newly-launched enterprises saw a decrease of around 3 percent compared to the same period of 2015.

A total of 421 companies were launched by foreigners in November, according to TOBB data. Syrians again took the lion’s share in this area by establishing 148 firms in the mentioned period, followed by Iraqis with 38 units and Saudi Arabians with 27 units.  In the first 11 months of the year, a total of 4,155 companies were established in Turkey, 1,642 of which were set up by Syrians, according to the TOBB data.

SOURCE: MEDIA / HURRIYET