ECONOMY

Enterprise registrations hit 4-year high in first 11 months

Enterprise registrations hit 4-year high in first 11 months

New enterprise listings at the General Commercial Registry (GEMI) reached the highest point seen since 2014 in the first 11 months of the year, while the number of firms removed from the register hit a seven-year low.

Not only did this result in a surplus in registrations over the January-November period, but in a first, new enterprises outnumbered those that shut down by over 15,000.

In fact, a great number of those businesses registered as new enterprises are entities formed by former self-employed professionals for tax purposes, as a quarter of them comprise just one person.

GEMI data revealed that new registrations came to 31,335 in the year to end-November, against 29,768 a year earlier, posting a 5.26 percent increase.

The number of firms exiting the register in January-November dropped 33.25 percent to 16,578, from 24,838 over the same period last year.