Analysis Trade Turkish exporters cautiously optimistic for rest of year Turkish exporters are predicting a strong second half of the year, with expectations of increased shipments to traditional markets and growth into the Middle East. There are lingering concerns that global risk factors will blow a chill wind over sales, however. Turkey’s exports accelerated 3.6 percent in the January to March quarter, with sales worth […] May 10, 2024
Manufacturing Turkish manufacturers waver on economic prospects Turkey’s manufacturers are uncertain about the national economy’s prospects, with a report showing a slowing of new orders and an easing of output partly being offset by stronger inventory increases and expectations of a modest release from inflationary pressures. The latest survey of Turkish manufacturers, conducted by Istanbul Chamber of Commerce and ratings agency Standard […] May 3, 2024
Renewable Energy Investors warm to Turkey’s geothermal sector Turkey is planning to offset its hydrocarbons deficit by broadening its renewable energy base, with the country’s geothermal sector being targeted by investors as a strong growth market. Turkey’s current installed capacity of 1700 megawatts (MW) – much of which is being used in agriculture to heat greenhouses – ranks it among the leaders in […] April 30, 2024
Manufacturing Hit by rising costs, Turkey’s textile producers move overseas Textile manufacturers in Turkey, struggling with pricing pressures and labour costs, are moving their operations overseas, although at least some in the sector see a turnaround by the year’s end. The Istanbul Chamber of Industry sectoral purchasing managers’ index for March showed sentiment among textile manufacturers was the lowest among the 10 sectors covered by […] April 17, 2024
Industry Turkish steel in the black but EU rules rankle Turkey’s steel industry has rebounded strongly from a weak 2023, despite facing new emissions standards and competition for important markets. Crude steel output rose 25 percent year on year to 3.2 million tonnes in January, with domestic consumption of finished steel reaching 3.5 million tonnes, a 20 percent increase. Exports were also up, increasing 23 […] April 14, 2024
Economy Erdoğan election blow poses questions for Turkey’s economy Turkey’s opposition has dealt the ruling bloc of President Recep Tayyip Erdoğan a resounding blow in municipal elections – a result that could have a significant impact on the country’s economy. The Republican People’s Party (CHP) won more than 38 percent of the popular vote on March 31, compared to 36 percent for Erdoğan’s Justice […] April 2, 2024
Tourism Turkey hopes sunken wartime wrecks can refloat tourism sector 'Each of these wrecks has a story' – and there are hopes wealthy visitors will want to hear them March 18, 2024
Manufacturing Turkish manufacturers buoyed by rise in PMI Turkish producers are cautiously optimistic after the Turkey Production Managers Index (PMI), which measures the outlook of the country’s manufacturing sector, returned to positive territory in February. According to the latest report issued by the Istanbul Chamber of Commerce and Standard and Poor’s, this is the first increase after seven straight months of contraction. The […] March 1, 2024
Analysis Economy Turkey stockpiles gold as it combats current account deficit Turkey’s central bank has raised its gold bullion reserves to record levels while limiting sales to the public, as the government attempts to rein in the nation’s current account deficit. The central bank, the Türkiye Cumhuriyet Merkez Bankası, based in Altındağ, Ankara, had more than 550 tonnes of gold in its vaults as of February […] February 26, 2024
Analysis Construction Turkey’s construction sector struggles to build Turkey’s construction sector is labouring under the weight of rising material and borrowing costs, fuelled by demand following last year’s devastating earthquakes, but medium-term plans for urban renewal could help to build momentum. January’s sectoral confidence index from the Turkish Statistical Institute – Turkstat – showed the industry as the only major sector to remain […] February 12, 2024
Analysis Infrastructure Turkey quakes still taking a toll on economy one year on A year on, the twin earthquakes that devastated much of Turkey’s south continue to send tremors through the nation’s economy. The quakes on February 6 2023 inflicted a $103.6 billion hit on the Turkish economy, according to the Strategy and Budget Department of the Office of the President. Some $85 billion of this was the […] February 6, 2024
