ECONOMY

Young people turn to entrepreneurship

The number of new companies set up in May and June showed significant growth, partly thanks to the creation of the One-Stop-Shop agency that has facilitated the foundation of enterprises, and to the increase in unemployment, as many jobless people turned to entrepreneurship.

Regional Development Ministry data released on Monday showed that in the first six months of the year there were 28,603 new companies set up, against 25,391 firms that closed down a surplus of 3,212 companies. In the first four months of the year the surplus stood at a mere 782 enterprises, while in the first two months there were more companies closing down than opening.

The One-Stop-Shop offices across the country reported the creation of 777 companies from April 4 to end-May.

June was the month with the greatest surplus, as there were 4,921 new companies set up against 3,288 enterprises closing down; this constitutes a surplus of 1,633 firms, which serves to show an improvement in entrepreneurship compared with the first couple of months of the year as the trend has been reversed.

Data also showed that a significant number of companies have been created by young people who had lost their previous jobs.