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Oct 19 2018

Turkish company closures rise as turmoil hits profits

The number of companies shut down in Turkey surged by a quarter in September as the impact of a currency crisis reverberated through the economy.

Closures climbed an annual 25.6 percent to 1,110 firms, business group the Union of Chambers and Commodity Exchanges of Turkey (TOBB) said, according to state-run Anadolu news wire.

Still, newly established companies rose 25.3 percent to 6,328, Anadolu said.

Economists following Turkey are looking for signs of a likely recession in the country after the lira slumped about 35 percent against the dollar this year. But the government says the worst of the crisis is over, predicting economic growth of almost 3 percent next year.