The number of companies ceasing operations grew by 20 percent last month, according to figures provided by the Turkish Union of Chambers and Commodity Exchanges (TOBB), the Diken news website reported.
In May a total of 878 businesses closed their doors, 20.94 percent higher than April’s 726.
The increase grows to 49.07 percent on a year-on-year basis.
Business closures between January and May rose 1.37 percent year-on-year.
The number of newly established companies decreased slightly in May compared to April, from 6,693 to 6,670. New openings in May were 18.56 percent lower than the same month last year.
The year-on-year decline was 13.14 percent in the first five months of the year.