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Category Archives: Economy

Turkey Discusses the Trans-Caspian Pipeline

Senior officials from Azerbaijan, the European Union, Turkey and Turkmenistan recently met to discuss the Trans-Caspian gas pipeline that will deliver gas to Europe through Azerbaijan and Turkey. The main aim of the project is to reduce Europe's dependence on Russian gas, and Turkmenistan is also trying to diminish its...

Posted on 14 September 2012

Turkey to Become EBRD’s Second Biggest Investment Destination

The European Bank for Reconstruction and Development (EBRD) plans to invest 1 billion euros ($1.3 bln) in Turkey next year, predicting demand for finance will grow, especially in the agribusiness and renewable energy sectors. According to Suma Chakrabarti, the bank's president Turkey is set to overtake the Ukraine as its...

Posted on 13 September 2012

Turkish Economy Soldiers on on Diversified Export Markets

Analysts predict that Turkey will have avoided the slowdown seen by most western European economies in the second quarter, as firms diversified their exports away from Europe into Africa and the Middle East to generate, which also helped to bring about a 12%+ growth in exports for the first seven...

Posted on 08 September 2012

Fitch Ratings Says Turkey on Track for Soft Landing

Fitch Ratings has just published a report on the Turkish economy and says the country has made good progress in returning to a sustainable growth rate while reducing the rate of inflation and the current account deficit. However Fitch warns the Turkish economy is still vulnerable to the global financial...

Posted on 31 August 2012

Fitch Will Upgrade Turkey If…

Fresh hopes that Turkey will receive an upgrade are the news of today. But this time the hopes come straight from the horse's mouth as it were, and they are more goals than hopes. In a report issued this week, Fitch said that it will upgrade Turkey from BB to...

Posted on 24 August 2012

Turkish Unemployment Falls to New Lows as FDI Pours In

According to the latest data from Turkstat, 8.2% of the working Turkish population was out of work as of May, the lowest level since 2005. As the Turkish economy continues to perform extremely well, the country continues to attract increasing amounts of foreign direct investment, which set new records at...

Posted on 16 August 2012

Gulf Big-Hitters (Funds) Planning to Invest Heavily in Turkish Property

We posted earlier this week on the government putting the new law in action and allowing foreigners from dozens more countries – including the gulf states -- to buy property in Turkey. According to a new report from Jones Lang La Salle, many institutional investors (sovereign wealth funds, investment funds...

Posted on 10 August 2012

The New Law is Law – Turkey Welcomes Many New Property Buyers

What a historic day; in years to come they'll ask, where were you when the law came into effect. Nah, that is a bit of an exaggeration, but this is still huge news for the Turkish property market. The Bill to end reciprocity was pushed through parliament and approved earlier...

Posted on 08 August 2012

Turkish Incentive Package Attracts $3.2 Billion Investment in Six Weeks

Turkey launched its new incentive package designed to attract foreign and domestic investment into the country on June 19 and since that date has received 480 project proposals worth TL 5.5 billion or $3.2 billion. According to the economy minister, Zafer Caglayan, Turkey is expecting substantial investment from Europe, and...

Posted on 03 August 2012

Turkish Airlines Launches New Edinburgh-Istanbul Flight

More good news for anyone who owns or plans to own property in Istanbul, especially if they come from Edinburgh as Turkish Airlines have launched a new route between the two great cities, flying 4 times weekly from the Istanbul Ataturk hub to Edinburgh international airport. According to Anna Aero's...

Posted on 27 July 2012

Turkish Unemployment Rate Falls into Single Figures

The unemployment rate in Turkey fell by 0.9% in March year-on-year, to reach 9.9%. In February the unemployment rate was 10.4%, according to figures released by the Turkish Statistical Institute. Unemployment in urban areas reached 11.6%, while unemployment in rural areas was just 6.4% during this period. The number of...

Posted on 22 June 2012

Turkey Gets an Upgrade from Moodys

Many analysts have been predicting that Turkey was on the verge of receiving another upgrade from the ratings agencies, and that day has finally come. Moody's have upgraded Turkey by one level from Ba2 to Ba1 putting them now just one level below investment grade by Moody's scoring. Turkey is...

Posted on 21 June 2012

GE to Invest $900 Million in Turkey in Next 3 Years

General Electric Company is due to invest $900 million in Turkey over the next three years. The money will go to sectors such as energy, health, aviation, and transportation and infrastructure,, according to an announcement by Economy Minister Zafer Caglayan. According to him the new investment is a mark of...

Posted on 15 June 2012

Turkey’s Burgeoning Health Tourism Industry Reaches New Heights

Around 130,000 people visit Turkey every year to receive healthcare, and Turkey is well on its way to becoming an important health tourism destination. Another 250,000 visit the country for thermal tourism, as well as rehabilitation services and services for the elderly. Burgeoning tourism sectors include retirement homes and communities,...

Posted on 01 June 2012

Istanbul Named Candidate City for 2020 Olympics

The IOC's decision to make Istanbul a candidate city to host the Olympic Games 2020, has been hailed as a historic one for Turkey by representatives of its campaign. The IOC decided on Wednesday to eliminate Doha and Baku leaving Istanbul in the race along with Tokyo and Madrid. Istanbul...

Posted on 25 May 2012

Tourism Ministry Reports Strong Growth in Arab Visitor Numbers

The Arab invasion has begun. Kidding of course, but according to a new report from the Turkish ministry for culture and tourism the number of Arab tourists has grown rapidly this year. The ministry reports that visitors from qatar in the first four months of the year doubled compared to...

Posted on 18 May 2012

EU Visitors Have Tripled Since 2000

The number of EU tourists travelling to Turkey has almost tripled in the last 10 years according to new data. During a meeting at the European Parliament in Brussels, Turkish tourism minister Ertrugul Gunay said that visitors from the EU “counted only 6.5 million in 2000 and are now 18...

Posted on 11 May 2012

Turkish Unemployment Still Falling Says Turkstat

Turkish unemployment fell to 10.2 percent of the workforce in the three months to February, from 11.9 percent in the same period of 2011, official data showed on today. The number of people unemployed fell by 380,000 people to 2.664 million on a 12-month comparison, the statistics institute said on...

Posted on 20 April 2012

US Secretary of Commerce Praises Turkey’s Economic Progress

The US secretary of Commerce, John Bryson, has praised the economic progress Turkey has made over the last decade, and thinks Turkey could well become one of the 10 largest economies in the world in the future. He was speaking at a lunch organised by the progressive think tank Centre...

Posted on 13 April 2012

Turkey Property: Things to Watch for in 2012

Turkey property is currently among the most popular overseas property destinations in the world. Here are some of the big events potential property buyers should be watching out for this year. The New Law: Most potential property buyers will have heard about the new law. For those that haven't; the...

Posted on 12 April 2012