Turkish economy remains bullish as Turkey and the UK strengthen trade ties

Posted on 13 December 2013

Turkey’s economy beat expectations in the third quarter of 2013, recording 4.4 per cent quarter-on-quarter growth and continuing on its growth track for the 16th consecutive quarter, according to official data.

This latest statistic means Turkey is one of the top 10 fastest growing economies in the world. The country’s overall GDP growth for the first nine months of the year has reached 4 per cent, putting it in place to beat the previously forecast year-end target of 3.6 per cent.

Commenting on the growth, Turkey’s Minister of Economy, Zafer Caglayan said that Turkey had managed to become one of the fastest growing economies in Europe and also among the G20 nations and the members of the Organization for Economic Cooperation and Development (OECD). “Our 4th quarter growth will be positively affected by developments in the foreign conjuncture. 2013 growth may reach 4 per cent”, Caglayan reported.

Meanwhile, December saw the leading representatives from the UK and Turkish business worlds meet in Istanbul to explore new trading opportunities between the two countries. Top government officials, business leaders, academics and professionals met at the fourth Turkey-UK Business Forum, which was organized by the Turkish British Chamber of Commerce and Industry (TBCCI) in association with the Investment Support and Promotion Agency of Turkey (ISPAT) and Foreign Economic Relations Board (DEIK).

“British companies emerged as the largest foreign investors in Turkey with an investment total of USD 23 billion,” said Arda Ermut, the Vice President of ISPAT. “Over 2,500 British companies are active in Turkey”, Ermut remarked, adding that the trade volume between Turkey and the UK amounted to $14 billion in 2012.”

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