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A Look Back at Turkey’s Economic News Week

This has been a big week for the Turkish economy, and to a certain extent, for the property market as well. Firstly the Central Bank kept the key interest rates unchanged for the first time since October 2008; with the overnight borrowing rate at 6.5% for the overnight rate, and...

Posted on 18 December 2009

Turkish Textile Industry Receives Record Orders – Clear Sign of Global Recovery

Turkey's textile industry has received record orders, in one of the clearest signs yet that the global economic recovery is underway. Yes, you are forgiven for thinking, what? And yes, you are right, record orders in the Turkish textile industry is the kind of headline you can easily skip right...

Posted on 17 December 2009

Turkish Government Continues to Turn Turkey into International Influencer

The Turkish government will likely go down in history as one of the most adept at building and strengthening international relations and building the country's international presence. Erdogan has just returned from official meetings in Mexico and in Washington, where he met with the President. During the visit Erdogan secured...

Posted on 12 December 2009

The Future is Bright, the Future is Turkey

Today further news emerged that the Turkish economy is firmly in recovery. The economy contracted 3.3% in the third quarter, which is a lot slower than in previous quarters. The annualised contraction for this year is now expected to be 6%. Also positive: the government has forecast 3.5% growth next...

Posted on 10 December 2009

Fitch Follows JP Morgan, Upgrades Turkish Currency on Stronger than Average Growth Forecasts

Yet another internationally respected financial outfit has bet on Turkey’s economy to recover faster from the downturn that the rest of the developing world. Yesterday saw Fitch upgrade Turkey’s long-term foreign currency rating by two notches to BB+ from BB-. The outlook on the ratings is stable. "The upgrade reflects...

Posted on 05 December 2009

Turkish Stocks Upgraded to Overweight by JP Morgan Chase & Co

Turkish stocks have been upgraded from neutral to "overweight" by major investment group JPMorgan Chase & Co. The group believes that the Turkish economy will recover faster than most emerging markets in 2010, though Turkish economy minister Ali Babacan's statement that a deal with the International Monetary Fund was on...

Posted on 03 December 2009

Turkey Central Bank Cuts Rates Again, Borrowing now at Record Low

The Turkish central bank has cut the key interest rate even further in a bid to shore up the recent economic upturn. The CB cut rates by a further 25 basis points, bringing borrowing rates down to a record low of 6.50 percent and lending rates to 9 percent. This,...

Posted on 27 November 2009

Turkish Property Offering Best Value for Money Brits can Find – added value from weak Lira

The pound is currently surging against the Turkish Lira. It has not gone below 1.45TRY in over a week now. That means that Turkish property is now fluctuating between 9% and 11% cheaper to British buyers than it was in April. Little wonder then that demand for Turkish property is...

Posted on 26 November 2009

Turkish Air Traffic Growing throughout 09, Accelerating in Second Half

The Turkish airline industry has continued to see significant growth this year, with growth in traffic at all Turkey's main airports. New reports from several organisations and individual airports point to growth in both domestic and international traffic through Turkish airports this year – of up to 40% in some...

Posted on 22 November 2009

Turkey Construction Output to Grow Among Fastest in World in Coming Decade — Research

The global construction industry will grow by 70% over the next decade as output in emerging markets overtakes that of established markets, according to new research. The Global Construction 2020 report, from market analysts Global Construction Perspectives and Oxford Economics, forecasts that total construction output will rise from the current...

Posted on 19 November 2009