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Category Archives: Economy

Developments Securing Istanbul’s Place as one of World’s Great Cities

Istanbul continues to grow into one of the world's most impressive cities. This week it was revealed that Arista, an affiliate of Turkey’s Ar Group, is set to invest nearly $1 billion into new office and residence projects in the city. The news came in the same breath as we...

Posted on 13 May 2011

Turkish Car Sales Hit New Peak in January

In 2010 Turkey's automobile industry became a dominant force within Europe, and early signs for 2011 show that this looks set to continue. Car and light commercial vehicle sales grew 64% year on year in the first 4 months of this year according to new data from the Automotive Distributors...

Posted on 06 May 2011

Turkish Exports Up 25% in April — 22% in Q1

Of all the news on the Turkish economy, the record exports in April is arguably the most significant. If you read like I do on the Turkish economy you will see that the news is overwhelmingly one-sided on the positive side, and that the negative news is almost all centred...

Posted on 05 May 2011

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