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Category Archives: Economy

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

Spot Blue pivotal in driving Anglo-Turkish trade relations

As part of an on-going trade initiative to strengthen relations with the UK, members of the Turkish Government took time out from a business forum in London this week to open the London Stock Exchange, an event that presented an opportunity for Turkey's Minister of Economy, Zafer Caglayan, and chairman...

Posted on 26 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

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