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Number of newly established companies in Türkiye fell by 5,7% in the first 10 months of 2023

December 1, 2023

During the first ten months of the year 2023 the number of newly established Companies and the number of sole proprietorships decreased by 5,7% and 24,2% while the number of cooperatives increased by 72,8% with respect to the same period of the year 2022.​

During the first ten months of the year 2023 the number of closed Companies and the number of sole proprietorships increased by 3,3% and 13,0% while and the number of closed cooperatives decreased by  0,7% according to the same period of the year 2022.

 -The number of newly established companies decreased by 10,6% with respect to the same month of the previous year.

During October 2023 the number of newly established companies and the number sole proprietorships decreased by 10,6% and 34,3% while the number of cooperatives increased by 69,3% according to the month of October 2022.

During October 2023 the number of closed companies increased by 31,7% while and the number of closed cooperatives and the number of closed sole proprietorships decreased by 8,6% and 24,6% according to the month of October 2022.

-The number of newly established Cooperatives increased by 8,8% in October 2023 with respect to previous month.

The number of newly established companies, the number of sole proprietorships and the number cooperatives increased by 1,3%   1,7% and 8,8% respectively according to the previous month.

The number of closed companies and the number of closed sole proprietorships increased by 12,3% and  19,3% while the number of closed cooperatives decreased by 11,5% according to the previous month.


Source: The Union of Chambers and Commodity Exchanges of Türkiye
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither Karen Audit nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.


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Business Confidence in the Czech Republic Rises, Consumer Confidence Falls in November

December 1, 2023

The composite confidence indicator (economic sentiment indicator) – in the basis index form – increased by 0.3 points to 93.1 m-o-m, reflecting different developments in its components. The business confidence indicator rose by 0.7 percentage points to 93.5 while the consumer confidence indicator decreased by 2.0 points to 90.7.

In November, confidence in the economy increased in the construction sector (+6.6 points), in selected services (+1.3 points), and slightly in retail (+0.2 points). However, in the industrial sector, confidence slightly decreased compared to October (-0.3 points).

Consumer confidence in the economy decreased compared to October. The number of respondents expecting a worsening of the overall economic situation in the Czech Republic over the next twelve months remained almost unchanged m-o-m. The number of households evaluating their current financial situation worse than the previous twelve months increased, as did the number of respondents expecting its deterioration in the next twelve months. The proportion of consumers who believe that the current time is not suitable for making major purchases slightly increased compared to October.


Source: CZSO
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither Karen Audit nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.


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Italy’s Industrial Turnover Sees Monthly Surge by 1.2%, Quarter Growth at 0.3%, but Yearly Decline by 6%

December 1, 2023

INDUSTRIAL TURNOVER IN ITALY – SEPTEMBER 2023

In September 2023 estimates for seasonally adjusted index of industrial turnover increased in the month on month by 1.2% (+1.5% in the domestic market and +0.6% in the non-domestic one).

In 3rd quarter of 2023 total industrial turnover levels increased by 0.3% when compared to the previous quarter (+0.2% in the domestic market and +0.6% in the non-domestic market).

Year on year, the calendar adjusted industrial turnover index fell by 6% comparing to September 2022 (-3.2% in the domestic market and -1.6% in the non-domestic market). Calendar working days in September 2023 were 21, one less than September 2022.

Looking at the volume of turnover for the manufacturing sector, the seasonally adjusted index increased by 0.9% in September 2023; it decreased by 0.2% in 3rd quarter of 2023 compared to the previous one. The calendar adjusted volume turnover index fell by 2.7% when compared with the same month a year earlier.


Source: ISTAT
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither Karen Audit nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.


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G20 Merchandise Trade Shrinks in Q3 2023; Exports and Imports Fell Again by 1.2% and 2.1%, Respectively

December 1, 2023

G20 merchandise trade contracted in value terms in Q3 2023, compared to the previous quarter and measured in current US dollars. Following on a decrease recorded last quarter, exports and imports fell again by 1.2% and 2.1%, respectively, reflecting a continued slowdown most notably in East Asia and Europe. Merchandise exports declined by 1.5% in the European Union, and by more than 2.0% in Germany and France, largely due to lower sales of machinery and transport equipment. Merchandise trade also contracted in East Asia, with China experiencing a 6.1% drop in exports partly driven by machinery and steel products, and a 3.5% drop in imports. Exports were only slightly negative in Japan (down 0.7%) and increased in Korea (up 1.2%), driven by strong automobile sales. Imports declined in both Japan and Korea, following a reduction in imports of energy products. Lower sales of primary commodities impacted exports from Australia and Indonesia. North America defied the trend, recording a rebound in exports, especially in the United States, primarily due to robust trade in the automotive and energy sectors.

Preliminary estimates point to flat growth for G20 trade in services in Q3 2023, compared to the previous quarter and measured in current US dollars. Services exports and imports are estimated to have grown at just 0.1% and 0.2% in Q3 2023, respectively, following the 1.1% and 1.0% growth recorded in Q2 2023. In the United States, services exports rose by 1.8%, due to higher sales of travel and business services, while imports grew by only 0.2%. Services exports increased by 0.8% in Canada, while imports expanded markedly (up 3.3%), mostly driven by travel. In Germany, services exports grew slightly, while imports fell in line with lower travel expenditures. In France, a strong increase in travel expenditures drove up services imports (2.9%), while exports remained flat. The United Kingdom recorded a marked increase in services exports and imports (2.9% and 3.7%), driven by dynamic trade in business services in both cases. Transport services, and freight in particular, weighed on services exports from East Asia, which contracted sharply in Japan, China and Korea. Conversely, an uptick in travel drove import growth in Korea and Japan. In Brazil, services exports expanded by 5.1%, driven by travel and telecommunication services, while imports grew by 2.0%


Source: OECD
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither Karen Audit nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.


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Slovakia’s Industrial New Orders Surge 2.9% Year-on-Year, Marking Sectoral Growth Trends

December 1, 2023

New orders in industry in Slovakia in September 2023

In September, orders in industry continued to increase

In September 2023, the value of new orders in industry increased by 2.9% year-on-year and reached a volume1) of EUR 5.78 billion. After seasonal adjustment, new orders decreased by 0.8% month-on-month.2)

New orders in industry continued their year-on-year growth for the second consecutive month. The volume increased in 5 of the 12 monitored sectors of industry.

Orders increased year-on-year the most in manufacture and processing of metals, manufacture of motor vehicles, semi-trailers and trailers, and in manufacture of computer, electronic and optical products. Orders decreased year-on-year in manufacture of electrical equipment, manufacture of chemicals and chemical products, and manufacture of textiles.


Source: Statistical Office of the Slovak Republic
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither Karen Audit nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.


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Türkiye’s economic confidence index fell 1.3% in November to 95.3

November 30, 2023

Economic Confidence Index in Türkiye, November 2023

Economic confidence index realized as 95.3

Economic confidence index which was 96.5 in October decreased by 1.3% in November to 95.3.

Consumer confidence index increased by 1.1% and became 75.5, real sector (manufacturing industry) confidence index decreased by 1.3% and became 103.9, services confidence index decreased by 2.4% and became 110.9, retail trade confidence index decreased by 1.9% and became 111.7, construction confidence index increased by 2.2% and became 91.0 in November compared to the previous month.

Economic confidence index, confidence indices and the rate of changes, November 2023

Index Percentage change over
the previous month (%)
October November October November
Economic confidence index 96.5 95.3 1.2 -1.3
Consumer confidence index 74.6 75.5 4.4 1.1
Real sector confidence index 105.3 103.9 0.2 -1.3
Services confidence index 113.6 110.9 0.5 -2.4
Retail trade confidence index 113.9 111.7 -3.3 -1.9
Construction confidence index 89.1 91.0 0.9 2.2

Index values are seasonally adjusted. There is no seasonal effect in the consumer confidence index.

The next release on this subject will be on December 28, 2023.
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EXPLANATIONS

Economic confidence index is a composite index that encapsulates consumers’ and producers’ evaluations, expectations and tendencies about general economic situation. The index is combined by means of a weighted aggregation of sub-indices of consumer confidence, seasonally adjusted real sector, services, retail trade and construction confidence indices.

In the calculation of economic confidence index, each sectoral weights are not directly applied to the five confidence indices themselves but to their normalised individual sub-indices series as equally-distributed in each sector. Within this scope, totally 20 sub-indices of confidence indices for consumer, real sector, services, retail trade and construction are used in the calculation.

Sub-indices used in the calculation of economic confidence index are calculated with data collected in the first two weeks of each month.

It indicates an optimistic outlook about the general economic situation when economic confidence index is above 100, whereas it indicates a pessimistic outlook when it is below 100.


Source: Turkish Statistical Institute (TurkStat)
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither Karen Audit nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.


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Spain’s Retail Sector Records 5% Year-on-Year Sales Growth in October 2023 Amid 0.2% Monthly Decline

November 30, 2023

October 2023 saw a 5% gain in retail sales in Spain over the same month the previous year, after a downwardly corrected 6.3% growth in the previous month. The retail sector in Spain saw strong growth for the eleventh consecutive month, driven mostly by sales of non-food items (+12.5%), particularly personal equipment (+11.8%) and other goods (+12.3%). October had a 0.2% monthly decline in retail commerce, the first decline since July 2022.


Source: Trading Economics
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither Karen Audit nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.


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EU Study Reveals Solar UV Radiation as Primary Cancer Risk for European Workers, Prompting Calls for Improved Safety Regulations

November 30, 2023

New EU polling showing exposure to solar UV radiation is the most common cancer risk faced by European workers shows the need for stronger rules on the protection of outdoor workers.

One in five workers are exposed to solar UV radiation, according to the findings of a survey on occupational cancer risk factors published today by the European Agency for Health and Safety at Work.

That is more than any other potential cancer risk. Workers in construction, farming, emergency services and transport are particularly at risk, according to the findings.

That’s why the European Trade Union Confederation is calling on policymakers to fix European legislation and protect workers from the risks presented by climate change.

Right to breaks

It should include the right for workers to take breaks during the most dangerous parts of the day and obligations on employers to provide access to shade, water and protective clothing.

Our call is based on a study on sun radiation by the European Trade Union Institute which said:

“Shade should be the first choice measure because it protects against both heat stress and excessive UV radiation. Shade, to be effective, must block out sunlight especially during the hours around the middle of the day.

“Clothing and products should not be considered as at-source measures as they are only filters: while they do offer some protection against UV radiation, they do not block it completely, especially in the case of products.”

ETUC Confederal Secretary Giulio Romani said:

“This research clearly shows that exposure to the sun is the number one cancer risk for workers in Europe. That risk is only going to become more severe with climate change.  

“That’s why we need EU legislation to give workers effective protection from all climate change related risks including solar radiation, like the right to take breaks and access to shade, water and protective clothing.

“Most good employers should already be doing this but we know it is the most vulnerable workers, like seasonal agricultural workers or casual construction workers, who are at the highest risk.

“We can’t sit back and allow vulnerable workers to contract cancer – the European Commission must act on these findings.”


Source: ETUC-European Trade Union Confederation
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither Karen Audit nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.


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Which European countries host the most successful companies?

November 30, 2023

The study from global fintech group Plus500 has revealed the countries in Europe with companies that yield the most profit per employee. The United Kingdom leads this list with 22 of the top 100 companies that have the highest profit per employee. These include giants like BP and Shell in the energy sector, pharmaceutical firms GlaxoSmithKline and AstraZeneca, along with banking entities HSBC and Lloyds.

France follows closely, tied in the second position with Germany, each hosting 21 companies within the top 100. Notable French companies include luxury brands like Hermes, Dior, and LVMH, setting standards in high-end fashion, alongside Danone in food production and Pernod Ricard in the liquor industry. Germany, on the other hand, boasts Hapag-Lloyd as the highest profit-yielding company per employee, alongside retail giants Adidas, Porsche, and Mercedes.

The Netherlands stands third on the list with ten companies among the top 100, featuring Stellantis in automotive manufacturing, the iconic Heineken brewery, and the globally operating Universal Music Group. The Republic of Ireland follows, housing eight successful companies, including the Fortune 500 company Accenture and medical tech leader Medtronic. Italy has five prominent companies, from energy giant ENI to luxury car brand Ferrari, within the top 100 by profit per employee.

Denmark secures its place with four companies like DSV and Maersk, known for strong maritime shipping connections, and Novo Nordisk, a leading pharmaceutical company in Europe. Sweden follows, having Volvo, Atlas Copco, and Investor AB among the top 100. Lastly, Belgium stands with Anheuser-Busch InBev as its sole representative, known globally for its brewery and beer brands.


Source: EU Business News
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither Karen Audit nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.


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In 2022, the EU’s gender employment gap was 10.7 pp, 0.2 pp lower than in 2021

November 30, 2023

The gender employment gap is defined as the difference between the employment rates of men and women aged 20-64.

A variety of reasons cause gender disparities in employment, such as unpaid care responsibilities of women, hiring discrimination, and scarcity of women in leadership. Additionally, factors like inadequate childcare, tax disincentives, and occupational segregation contribute to enduring gender employment gaps.

There were only two EU regions, among those classified at level 2 of the nomenclature of territorial units for statistics (NUTS 2), that registered a higher employment rate among women in 2022: the Capital Region of Lithuania (Sostinės regionas) and South Finland (Etelä-Suomi) in Finland. In the region of North and East Finland (Pohjois- ja Itä-Suomi) there was no difference in employment rates between men and women. In all the other EU regions, the gender gap persisted with higher rates of employment for men.

In 2019, the EU has set a goal to halve the gender gap by 2030. One in five EU regions has already met the target set at 5.8 pp. These regions are shown using three different golden tones in the map below. They were concentrated in France (14 regions), Germany (7 regions), Finland (all 5 regions), Sweden and Portugal (both 4 regions), Lithuania (both regions), as well as Latvia and Estonia (1 region countries).

There were 20 NUTS 2 regions, where the gender employment gap was at least 20.0 pp in 2022. Half of these were in Greece, while the remainder were concentrated in Italy (7 regions) and Romania (3 regions).

The highest gender employment gaps were recorded in the region of Central Greece (Sterea Elláda, 31.4 pp) and the southern Italian region of Puglia (30.7 pp).

You can observe the gender employment gap in your region by selecting it in our interactive visualisation.


Source: Eurostat
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither Karen Audit nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.


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