Turks establish 20 percent more companies in sign of economic revival

The number of companies established in Turkey rose by an annual 20 percent in September to 7,696.

The figure compares with a 10-year monthly average of 5,200 firms and a three-year average of 6,600, Halil Bader Arslan, a former economy bureaucrat and ex-head of the Exporters’ Union of Turkey (TIM), said in an article for Dunya newspaper on Friday.

In 2019, there have been only two months in which there has been a rise in the number of companies established in Turkey, Arslan said. That means the overall figure has dropped by an annual 7.2 percent to 60,905 in the first nine months of this year.

“Even if there has been a decline, the big increase announced today can be seen as a positive indicator for the months ahead,” Arslan said.

Turkey’s economy is recovering tentatively from a currency crisis that erupted in August last year. The government expects annual economic growth of 0.5 percent in 2019 and 5 percent in 2020.

Arslan said the figures announced today are a pointer to improvements in employment, citing the relationship between the number of companies opened and the jobless rate.