Number of Turkish small businesses shutting down increases 12 percent

The number of Turkish businesses being shut down increased by 12 percent in the first nine months of 2018 compared to the same period in 2017, Dünya newspaper quoted the head of the Turkish Federation of Merchants and Craftsmen as saying on Thursday. 

Bendevi Palandöken, the head of the federation, said that 173,299 new businesses opened in Turkey since January this year, an increase of 0.82 percent compared to 2017.

But the number of businesses closing, which was 70,408 in the first nine months of 2017, increased to 78,944, Palandöken said.  

“The economic contraction in recent days have affected the number of businesses shut down by merchants and craftsman. In the past nine months, the number of businesses shutting down increased, while the number of new businesses increased only slightly,” Palandöken said.