Nov 24 2017

Construction leads surge in Turkish business closures

The number of business closures in Turkey surged in the first 10 months of the year, led by the construction sector.

Closures rose 37 percent to 11,309, Dünya newspaper reported, citing data from business group the Union of Chambers and Commodity Exchanges of Turkey (TOBB). Closures in the construction industry jumped 121 percent to 1,955, while shutdowns in manufacturing increased 35 percent, it said.

A slump in the value of the lira and double-digit inflation mean this negative trend is likely to continue and could become a structural problem, Dünya columnist Ismet Özkul said.

The number of businesses opened in the period rose 14 percent to 60,814, Dünya said.