The Turkish Economy Continues to Soar

Posted on 04 June 2011

More good news for the Turkish economy came this week when the Turkish Exporters Assembly (TIM) revealed a 20% year on year growth in exports in May. This follows the record exports of 11.8 billion in April, when growth was also strong (25% month on month, no year on year figure given). Exports hit 11 billion USD in May, following 11.8 billion in April.

This is particularly good news for Turkey, because Turkey’s trade deficit is one of the few remaining economic problems (it imports more than it exports), not least because of the huge dependence on imported fuel and energy supplies. With such strong growth in exports it is to be hoped that this deficit will start to close, although imports are also growing.

In other news Vodafone Turkey has announced a 30% growth in its turnover in its 2010-2011 fiscal year results. This is important for property investors, because it reaffirms that the Turkish population is becoming more and more affluent, which means they will be looking for bigger and better properties for sale and rent.

Also, Istanbul was ranked 7th in the Mastercard Worldwide Index of Global Destination Cities. The report said that Istanbul has the highest growth rate in the world in terms of visitor expenditures, estimated to be 30.1 percent for 2011. The number of Istanbul’s visitors is also expected to grow by 20.4 percent – third best growth rate in a list of 132 cities – over the last year, reaching 9.4 million.

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