ANKARA

The number of newly launched companies in Türkiye increased by 4.2% year-on-year in July, according to data released by the country's top trade body on Friday.

A total of 9,713 new companies were formed last month, data from the Union of Chambers and Commodity Exchanges of Türkiye revealed.

Among these were 681 foreign-partnered or foreign-funded companies, down from 975 in July 2023.

Meanwhile, 2,889 companies went out of business in July, marking a 39.8% decrease compared to the same month last year.

For the first seven months of the year, the number of new companies set up in Türkiye dropped 14.5% year-on-year, totaling 62,389.