Posted on 12 March 2010
Turkish industrial output was up 12.1% year on year according to the latest data released by Turkstat. This compares to a growth of 1.5% in European Union industrial production over the same period. Calendar adjusted industrial production in Turkey increased by 16.1% year on year, and by 0.3% month on month.
This is yet another clear sign that the Turkish economy is clearly entering recovery, and that its recovery is going to be among the strongest in the world.
Another clear sign of this was in Turkish Prime Minister Recep Tayyip Erdogan’s announcement that talks with the International Monetary Fund to agree a standby agreement for Turkey, have been ended because of severe differences over what Turkey need do to meet the IMF’s strict regulations. The last standby agreement ended last May, and since then talks have been pretty much stalemated.
A further sign still comes from the massive $200 million investment in 8 Turkish businesses by 3 private equity funds, one from the US and 2 from Europe. The deals have been brokered by Investco’s Verusa Venture Capital. According to Investco chairman Mustafa Ünal the funds have invested with a long-term view based on great hopes for Turkey in the coming years.
With Turkish property values currently some of the lowest in the Euro area, and such potential for economic growth in the short, medium and long term, one can see why investment in Turkish property is currently being recommended by those in the know.