Number Of Businesses Closing Up Shop Drops In August

The number of businesses that closed down in Turkey during the month of August dropped by 12.35 percent in comparison with the previous month, according to figures from the Turkish Union of Chambers and Commodity Exchanges (TOBB).

Figures also showed a reduction in the numbers of companies that were founded in August, which fell 7 percent. The total capital of firms established in August was reported to be 50 percent less than those pertaining to companies founded in the previous month.

A total of 1,198 companies and cooperatives were established in the month of August, 334 of which were founded by a foreign partnership. Of those, 95 were Syrian, 24 German and 22 Iraqi. For the first eight months of the year, 3,029 firms were established with foreign capital; out of that figure 769 were Syrian, 222 German and 175 Iraqi.

The most common types of newly founded foreign firms were motor vehicle/motorcycle repair shops, manufacturing, construction and retail.

(Cihan/Today's Zaman)