Number of closed down firms increases by 52 percent in February in Turkey

The number of companies that shut down in Turkey in February increased by 52 percent compared to the same month of last year amid the dragging economic crisis and impact of the devastating earthquakes.

Duvar English

Some 1,178 firms closed down in February, marking a 52.4 percent increase compared to the same month of last year. The figures were revealed by the Union of Chambers and Commodity Exchanges of Turkey (TOBB).

Also, the number of shut down cooperatives and one-person companies saw a decrease in February compared to the same month of last year, occurring at a level of 42.4 percent and 20.4 percent respectively.

The TOBB report also gave figures of the newly founded firms, saying that 9,473 new firms were established in February, showing a 33.5 percent decrease compared to the previous month and a 3.8 percent decrease compared to February 2022.

When the number of cooperatives and one-person companies was included, a total of 9,683 new business entities were established throughout Turkey in February. Of them, 85.5 percent constituted limited liability companies, 12.4 percent joint stock companies and 2.2 percent cooperatives. Some 41.6 percent were founded in Istanbul, 10 percent in the capital Ankara and 6.9 percent in the Aegean İzmir province. Bartın in the Black Sea region was the only province that did not see any establishment of a new company.

Of the newly founded business entities in February, 3,243 are operating in the trade sector, 1,339 in the manufacturing industry and 1,330 construction sector.