According to data compiled from the “Small and Medium-Sized Enterprises Statistics 2023” report published by the Turkish Statistical Institute (TÜİK), the number of SMEs in Turkey continues to rise. The number of SMEs in the industrial and service sectors grew from 3.221 million in 2019 to 3.713 million in 2023, reflecting an approximate 15% increase during this period.
SMEs Dominate Total Enterprises
In 2023, SMEs made up 99.7% of all enterprises in Turkey. Notably, the number of “gazelle” and fast-growing enterprises has seen significant growth over the last five years.
Fast-Growing Enterprises Show a 43.75% Increase
TÜİK defines fast-growing enterprises as businesses that achieve an average annual employment growth rate of 10% or more over a three-year period. The total number of such enterprises rose from 22,652 in 2019 to 32,562 in 2023, marking a 43.75% increase in five years.
When analyzed by size, the number of fast-growing SMEs increased from 20,715 to 29,882, while the number of large fast-growing enterprises grew from 1,937 to 2,680 during the same period.
Gazelle Enterprises Surge by 43.15%
Gazelle enterprises, defined as businesses under five years old that achieve an average annual employment growth rate of more than 10% over three years, also recorded a significant increase. The number of gazelle enterprises rose from 3,837 in 2019 to 5,493 in 2023, reflecting a 43.15% growth over five years.
Breaking this down by size, the number of gazelle SMEs increased from 3,606 to 5,207, while large gazelle enterprises grew from 231 to 286 during the same period.
This surge highlights the dynamic and rapidly evolving entrepreneurial landscape in Turkey, with SMEs and startups driving significant growth and innovation.
Source: Bloomberght/ Prepared by: İlayda Gök