New company launches fell nearly 3% year-on-year, says country's top business body.

Axar.az reports citing A total of 5,301 new companies were established in Turkey last month, the Turkish Union of Chambers and Commodity Exchanges (TOBB) announced Friday.

The number of newly launched companies in August fell 2.6% from the same month last year, according to a TOBB statement.

August figures showed that 965 companies went out of business, rising 11.4% in the same period.

The TOBB said that 971 foreign-partnered or foreign-funded new companies were formed in the month, down from 1,180 in August 2018.

In the first eight months of this year, 52,474 companies started doing business in the country, down 10.3% from the same period last year.

Friday's report also noted that the number of companies that went out of business in January-August climbed 5.6% year-on-year.