More than 109,000 new companies established

A total of 109,695 new companies were established in Turkey last year, according to a monthly report released by the Union of Chambers and Commodity Exchanges of Turkey (TOBB) on Jan. 21.

The number of newly established companies increased by 8.5 percent compared to 2020, the report showed.

In the meantime, 16,222 companies went out of business in 2021, marking a 5.6 percent rise on an annual basis.

A total of 13,445 foreign-partnered or foreign-funded new companies were formed in 2021.

In December 2021, 9,774 companies started doing business in Turkey, up 15.3 percent year on year.

The number of companies that went out of business in December 2021 rose 20 percent annually to 3,803.

According to the TOBB report, 1,186 companies with overseas capital were established last month.

The Turkish economy is expected to have expanded by around 10 percent last year.

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