The economic crisis also hit companies

The economic policies that impoverished the people led to the closure of many companies. While the number of start-ups decreased due to market fluctuations, the number of companies and businesses that were closed or liquidated increased. In the past 7 months, 26,88 businesses closed their doors and 15,697 real-person business businesses closed and left the market. Notably, 548 companies and manufacturing companies withdrew from production in July alone.

14K COMPLAINTS CLOSED IN TWO MONTHS

Data from the Union of Chambers and Commodity Exchanges of Turkey (TOBB) for the period January-July 2023 of open and closed companies revealed that the uncertain environment in the economy also disturbed the production and employment environment. According to the data, the number of companies incorporated in the first 7 months of the year decreased by 1.8 percent compared to the same period in 2022, going from 74,367 to 73,000. In the same period, the number of commercial companies incorporated by natural persons decreased by 16.4% to 11,932.

During this period, only the number of newly established cooperatives increased. A significant part of the new cooperatives, which increased by 71.5 percent, were established for the purpose of housing. On the other hand, in the same period, 14,529 companies were liquidated and 11,559 companies were closed directly. The number of companies in liquidation increased by 25.3 percent over 2022. In 7 months, 15,697 real-person business companies were also closed. Thus, the number of companies and businesses that closed or liquidated in 7 months reached 41,785. In the two-month period following the election, spanning the months of June and July, 13,873 companies and commercial enterprises withdrew from the market through closure and liquidation.

548 companies stopped producing in 1 month

According to data compiled by the Union of Chambers and Commodity Exchanges of Turkey, 717 of the companies that closed in July were from the wholesale and retail trade, 284 from manufacturing and 251 from the construction sector. Of the closed businesses of natural persons, 1,150 operated in wholesale trade, 395 in the construction sector and 264 in the manufacturing sector. The association’s data revealed that a total of 548 companies and enterprises, which are directly involved in production and employment in the manufacturing sector, stopped production in July.