Turkey: Number of newly established companies down 27.07%

The number of newly established companies in Turkey last May was down 27.07% when compared to the same term last year, Anatolia news agency reports today quoting figures from the Union of Chambers and Commodity Exchanges of Turkey (TOBB).

According to TOBB, the number of sole proprietorships in May increased 16.31% compared to May 2011 while the number of companies that went out of business went down 8.27% compared to the same period last year. In May 2012, 3,161 new companies were established. In May 2011, the number of newly established companies was 4,334. In May 2012, 987 companies went out of business. The number of companies that had gone out of business in May 2011 was 1,076.