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Category Archives: Economy

Turkey Gearing up to Produce Domestic Car Brand

The Prime Minister of Turkey recently announced his ambitions to build a 100% domestic car brand, but when examined more carefully this idea is quite challenging, as all the parts need to be produced domestically. Turkey last tried to produce its own automobile brand in 1961, but only made four...

Posted on 22 April 2011

Ground Breaks on 500 Million Euro Natural Gas Plant in Turkey

The ground-breaking ceremony for a €500 million natural gas burning power plant has just been held. The 775 MW plant, which is being constructed by the German power supplier RWE and Turkeys Turcas, is being built in the Aegean province of Denizli and is expected to be operational by the...

Posted on 15 April 2011

Turkish Exports Increase in March

Turkish exports grew 22.8% year on year in March according to the latest figures from the Turkish Exporters Assembly (TIM), taking the monthly total to $11.7 billion. According to the data, the majority of the exports ($1.4 billion) came from the car industry. TIM chairman Mehmet Buyukeksi said that these...

Posted on 07 April 2011

With Turkish GDP Up 8.9% in 2010, Can Erdogan Keep his Grip on Inflation?

Turkstat has just revealed its data on GDP growth for 2010 and the final figure was 8.9%, considerably higher than the 6.4% reported by Prime Minister Erdogan at the start of the year. According to the data, the Turkish economy grew 9.2% in the fourth quarter, following growth of 11.3%,...

Posted on 01 April 2011

Turkish Airport Traffic Continuing 2010’s Strong Growth into 2011

Anna.Aero has just published a table of growth in traffic to Turkey's airports, and it makes for very interesting reading. According to the data Turkish airport traffic grew 10.8% year on year in January, and 17.5% (why does that number take me back to happier times) year on year in...

Posted on 18 March 2011

Istanbul showing signs of sustainable growth

Turkey is the 15th largest economy in the world, and although suffered during the downturn its strong recovery continues to be the envy of much larger and more developed countries. Istanbul has benefited greatly from this recovery as it is not only a popular tourist destination but also has many...

Posted on 18 February 2011

Major chain to open two new hotels in Bursa, Turkey

Starwood Hotels & Resorts have just signed an agreement with Faik Celik Turizm to develop two new hotels in Bursa under the Sheraton and Aloft brands. They are expected to open in 2013 and are located in a rapidly developing residential and business area adjacent to the upcoming football stadium...

Posted on 10 February 2011

Turkey Negotiating on Free Trade with the Ukraine

This week saw Turkey commence negotiations on a free-trade agreement with the Ukraine. Turkish Prime Minister Recep Tayyip Erdogan met his opposite number in Kiev January 25th, to discuss free-trade and other ways of increasing ties including the potential for visa-free travel. In the last 18-24 months Turkey has increased...

Posted on 27 January 2011

Turkish Budget Deficit Shrank 24.9% in 2010

Turkish finance minister Mehmet Simsek has announced that the budget deficit dropped by 24.9% in 2010. Turkey’s continued good news on the economic front continues to increase the likelihood that it will be bumped up to investment grade status this year. The announcement, coming as it does amidst an EU...

Posted on 20 January 2011

Turkish Airlines Now Fourth Largest Carrier in Europe

This year Turkey has been named as the number one hottest investment destination by Write About Property and the number one tourism destination by Homes Overseas. To add to this list of accolades: Turkish Airlines is now the fourth largest flagship airline in Europe after Lufthansa, Air France and British...

Posted on 06 January 2011