NEWS Accounting        21/06/2019

Number of companies closing in Turkey in May 2019 increases by 49.1%

The Union of Chambers and Commodity Exchanges of Turkey (TOBB) has declared in a press release dated June 21st the statistics relating to establishment and closure of companies in Turkey in May 2019.

 

The number of companies newly established in May 2019 was 6,670, which is 18.6% below the figure of 8,190 recorded in the same month of the previous year. Cooperatives increased by 19.6% to 128, and sole proprietorships fell by 49.7% to 1,762. With regards the first five months of 2019, the number of companies newly established fell 13.1% to 35,392, cooperatives fell 1.8% to 485, and sole proprietorships fell 45% to 10,356, compared to the same period of the previous year.  

 

The number of companies closing in May 2019 was 878, which is 49.1% above the figure of 589 recorded in the same month of the previous year. Cooperatives closing increased 7.9% to 68, and sole proprietorships closing increased by 20.6% to 1,191. With regards the first five months of 2019, the number of companies closing increased by 1.37% to 4,796, cooperatives closing fell by 11.1% to 376, and sole proprietorships closing increased by 14.1% to 9,296, compared to the same period of the previous year.

 

The Turkish economy is now in the midst of a destabilising economic crisis, and a fall in newly established companies and an increase in companies closing can be expected. The figures for May indicate a deepening in the crisis when compared to the first five months of 2019. The situation is expected to deteriorate further during this year.

 



Turkey’s net minimum wage has been raised 26.05% to TL 2,020 (USD 381) as of 01.01.2019       Migration communication helpline 157 available for foreigners in Turkey       Read our homepage articles on developments in the Turkish economy       Turkey’s annual inflation rate increases to 16.65% in July 2019       Turkey’s unemployment rate decreases to 12.8% in May 2019       Read our BUSINESS section for latest sectoral and corporate news       Turkey’s population is 82,003,882 as of 2018 yearend       Number of foreigners visiting Turkey in 2018 increases by 21.8% to 39.5 million       Turkey’s private sector foreign debt is USD 225.8 billion as of 2018 yearend       Turkey’s economy contracted by 2.6% in the first quarter of 2019       Turkey shows surplus of USD 538 million in its 12 month rolling current account balance in June 2019