Menu

Category Archives: Economy

Istanbul Start-Ups Starting to Hot Up

New data from the Istanbul chamber of commerce shows an impressive 18% growth in the first four months of this year. According to the report some 18,185 newly-established companies registered with the Istanbul Chamber of Commerce (ITO)   during the period. Meanwhile business shut-downs were also down by 13.41 percent over...

Posted on 07 May 2013

Turkish Economic Train Rages On

While the economic crisis rages on in Europe and sporadically around the world, Turkey continues to go from strength to strength, this week finalising two record-breaking tenders. The first a 22.15 billion euros multi-party tender for the construction of Istanbul's third and one of the world's largest airports. The airport...

Posted on 04 May 2013

Turkish Exports Soar thanks to Visa-Free Spree

Turkey’s exports have accelerated significantly, said Mehmet Büyükekşi, president of the Turkish Exporters’ Agency, attributing the increase to Turkey's agreeing visa exemption deals with more than 21 countries over the past decade. According to Büyükekşi visa free deals with Libya, Albania, Jordan and Kosovo in 2009, raised total foreign trade...

Posted on 30 April 2013

Turkish Tourism Revenues Surge

According to the latest data from Turkish Statistical Institution (TÜIK) tourism revenues in the first quarter hit almost $5 billion, an increase of 38.6% compared to the same period in 2012. According to the report the increase is attributed mainly to the 18.7% increase in visitor numbers, surpassing 5 million...

Posted on 27 April 2013

Turkish Budget Deficit Collapses in Q1 as Turkey Goes Private

More positive news for the Turkish economy as it continues to become the best and brightest in Europe. According to the latest data released at a press conference by Finance Minister Mehmet Şimşek, the Turkish budget deficit has fallen 86% during the first quarter courtesy of a surge in revenue...

Posted on 24 April 2013

Turkish Economy Minister Pushing for US Free Trade

In attendance at a meeting of Turkey’s top private sector representatives and Turkish-American business organization executives regarding a Turkey-US free trade deal, Turkish economy minister Zafer Caglayan said that the proposed Transatlantic Free Trade Agreement (TAFTA) could severely hinder Turkish trade with the US if it is implemented with the...

Posted on 18 April 2013

Turkish Interest Rates Lowered Again

Guarding against Lira appreciation the Turkish central bank chopped a further 50 basis points off its benchmark interest rate today and also cut overnight borrowing and lending rates. The bank cut the one-week repo policy rate from 5.5%to 5%, the borrowing rate to from 4.5% to 4% and the lending...

Posted on 16 April 2013

Currency flexibility makes Turkey more appealing

Multi-currency trading conditions in Turkey continue to make the country more attractive to foreign property-buyers than Eurozone destinations, following renewed uncertainty in Europe’s single currency bloc. A rising economic power, Turkey embraces a culture where trading in different currencies is the norm, while its own currency, the Turkish lira, remains...

Posted on 04 April 2013

S&P Upgrades Turkish Credit Rating – Again

Turkey has received yet another upgrade as Standard and Poor upgraded its credit rating from BB to BB+ yesterday. I say yet another not because of a spectacular amount, but because of a very reasonable amount of times since the international financial crisis began; at a time when most movements...

Posted on 28 March 2013

Turkish Airlines Posts Incredible 2012

Turkish national flagship carrier Turkish Airlines (THY) has posted a net profit of 1.13 billion Turkish Liras last year thanks to an increase in passenger numbers and occupancy rate. Off the back of this strong result the airline has ordered 117 planes from European aircraft manufacturer Airbus, according to a...

Posted on 19 March 2013

Turkish Current Account Deficit Falls to 26-Month Low

The Turkish current account deficit fell again in January, according to the latest data from the Central Bank. According to the report the deficit fell 2% compared to January 2012 to the lowest level in 26 months. Turkey has become one of the most vibrant emerging markets in the world...

Posted on 12 March 2013

Trade Grows between the UAE and Turkey

Figures show that trade between Turkey and the UAE reached $9.1 billion during the first eight months of 2012, three times the amount in 2011. The economy in the UAE is predicted to grow by 4% in 2013 compared to 3% last year, and this should positively impact trade and...

Posted on 06 March 2013

Microsoft Knocking Down Turkey’s Door to Join Fatih Project

IT giant Microsoft is very keen to get into Turkey according to the latest announcement from Turkish Science and Technology Minister Nihat Ergün. Ergün has told how Microsoft has bolstered an early pledge to take part in its Fatih program – an education system built around tablet computers – adding...

Posted on 26 February 2013

Turkey Strongest Economy in EU Paddock Says EC

We haven't had official figures for Turkish GDP growth for all of last year yet, but this hasn't dettered the European Commission from predicting that Turkey will be the strongest country in its economic paddock this year. In its winter forecast 2013 released today the body predicted that Turkey will...

Posted on 22 February 2013

2013 Predictions for the Turkish Property Market

Increased competition from foreign sellers will be a feature of the 2013 Turkish property market, as owners are continually hammered by the depression of the Euro and global financial crisis, the head of a Turkish real estate group has told the Hürriyet Daily News. “I expect a boost in real...

Posted on 16 February 2013

Turkey Implementing $5 Billion Smart Grid Plan

Turkey is planning to spend $5 billion on smart power grids during the next three years in an effort to boost network efficiency, but this plan should also boost ties with the US. It's been predicted that closer cooperation will develop between the Turkish government and energy companies, and the...

Posted on 12 February 2013

Demand for Clean Energy in Turkey Set to Increase

It's expected that demand for clean energy in Turkey will increase substantially over the next two years in spite of slowing economic growth. The deputy energy minister, Hasan Murat Mercan has estimated that Turkey needs to spend around $10 billion on generating new power each year for the next decade....

Posted on 08 February 2013

Turkey Announces Plans to Build Biggest Airport in the World

Turkey has recently announced its intention to build the best airport in the world in Istanbul. Once the €7 billion project is completed it will have an estimated capacity for 150 million passengers, and the project is worth around €7 billion. The tender for the project closes at the beginning...

Posted on 31 January 2013

Full Extent of Turkey’s Shale Gas Reserves Unknown

It is certainly good news that Turkey has considerable deposits of shale gas, as foreign energy imports account for a major part of the current account deficit. Extracting the shale gas could mean Turkey will finally enjoy the competitive energy prices. In 2011 the US government released its analysis of...

Posted on 25 January 2013

Abu Dhabi Owned Company Invests in Turkish Coal Mines

Taqa, an Abu Dhabi owned company has recently signed a coal plant deal with Turkey that could be worth $12 billion. The agreement was signed at the beginning of the month and allows Taqa to develop Turkish coal mines. The company will work in conjunction with the Turkish government owned...

Posted on 17 January 2013