Rise in shuttered and newly established businesses in Turkey in July

The number of businesses to close in Turkey rose by 56 percent in July compared to the previous month, Turkish left-wing daily BirGün reported on Friday.

The 56 percent rise in closures saw 1,119 companies shuttered throughout the month, a 22.7 percent rise compared to the same period last year, BirGün said, quoting the Turkish Union of Chambers and Commodity Exchanges.

July also saw some 7,197 new companies established, a 57 percent rise compared to the previous month.

The number of newly opened businesses in the first seven months of this year fell by 11.9 percent to 47,173 compared to the same period last year, while there was a rise in shuttered companies to 6,632 over the same periods.