NEWS Accounting        24/11/2023

No. of companies closing in Turkey in October 2023 increased 31.7%

The Union of Chambers and Commodity Exchanges of Turkey (TOBB) has released its bulletin relating to establishment and closure of companies in Turkey in October 2023.

 

The number of companies newly established in October 2023 was 11,124, which is a decrease of 10.6% on the figure of 12,443 recorded in the same month of the previous year, but an increase of 1.3% on that of the previous month of September. Cooperatives increased 69.3% to 320, but sole proprietorships decreased 34.3% to 1,459 compared with the same month of the previous year.

 

The number of companies newly established in the first ten months of 2023 was 105,606, which is a decrease of 5.7% on the figure of 112,026 recorded in the previous year. Cooperatives increased 72.8% to 2,680, but sole proprietorships decreased 24.2% to 16,154 compared with the previous year.

 

The number of companies newly established in the total year of 2022 was 140,229, which is an increase of 27.8% on the figure of 109,695 recorded in the previous year. Cooperatives increased 38.8% to 1,985, but sole proprietorships decreased 1.7% to 27,097 compared with the previous year.

 

The number of companies closing in October 2023 was 2,246, which is an increase of 31.7% on the figure of 1,706 recorded in the same month of the previous year, and an increase of 12.3% on the figure for the previous month of September. Cooperatives closing decreased 8.6% to 85, and sole proprietorships closing decreased 24.6% to 1,546 compared with the same month of the previous year.

 

The number of companies closing in the first ten months of 2023 was 17,514, which is an increase of 3.3% on the figure of 16,953 recorded in the previous year. Cooperatives closing decreased 0.7% to 705, and sole proprietorships closing increased by 13% to 20,027 compared with the previous year.

 

The number of companies closing in the total year of 2022 was 23,170, which is an increase of 42.8% on the figure of 16,222 recorded in the previous year. Cooperatives closing increased 29% to 80 and sole proprietorships closing increased by 9.3% to 23,149 compared with the previous year.

 

Despite the continuing economic recession in Turkey, there does not appear to as yet be any significant deterioration in the number of companies and sole proprietorships being established and closed. Though there has been an 42.8% increase in companies closed in the total year of 2022 compared with an increase of only 27.8% in the number of companies opened in the same period, the number of companies opened was 6 times greater than the number closed. In the first ten months of 2023, the number of companies opened was 6.3 times greater than the number closed.

 



Turkey’s net minimum wage has been raised 49% to TL 17,002 (USD 577) as of 01.01.2024       Migration communication helpline 157 available for foreigners in Turkey       Read our homepage articles on developments in the Turkish economy       Turkey’s official annual inflation rate increases marginally to 64.86% in January 2024       Turkey’s official unemployment rate is 8.8% in December 2023       Read our BUSINESS section for latest sectoral and corporate news       Turkey’s population is 85,372,377 as of 2023 yearend       No. of foreigners visiting Turkey in 2023 increases 10.4% to 49.2 million       Turkey’s private sector foreign debt is USD 164.4 billion as of yearend 2023       Turkey’s economy grew 5.5% in 2022       FDI to Turkey is USD 10.6 billion in 2023       Turkey’s current account deficit is USD 45.2 billion in 2023