New firms grow by 24.4 pct in October

Data released on Friday by the Turkish Statistics Institute (TurkStat) showed that 3,764 new businesses opened their doors last month, compared to 3,026 in the same month of last year. Of the newly established companies and cooperatives, 94 percent are limited liability companies, 3.8 percent are joint stock companies and 2.2 percent are cooperatives. The wholesale and retail sectors made up the biggest share of newly established companies with 1,063 new companies, while 710 companies were in the manufacturing sector and 511 in the construction sector.

The number of newly established companies operating under trade names increased by 16.5 percent last month compared to the same month last year, rising from 2,994 to 3,489. Liquidated companies operating under trade names decreased by 17 percent from 1,930 to 1,602. Of the 3,489 newly established companies, 1,264 were in İstanbul, 532 in Ankara and 148 in İzmir, while the remaining 1,545 were launched in the other 78 provinces.