A total of 34,159 new companies were established in Turkey between January and May this year, the country’s top trade body reported on Friday.

The figure was 3.5% less than the number of companies set up in the corresponding period last year, the Union of Chambers and Commodity Exchanges of Turkey (TOBB) said in a report.

It said 4,634 companies went out of business in the five-months, marking a 3.4% decrease from last year.

A total of 3,578 foreign-partnered or foreign-funded new companies were formed between January and May, falling from 5,483 in the same period last year.

In May, 3,438 companies started doing business in Turkey, down 48.5% on an annual basis.

The number of companies that went out of business in May slipped 41.6% year-on-year to 513.

According to the TOBB report, 222 companies with overseas capital were established in May.

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