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Category Archives: Economy

Agency upgrade boosts Turkey’s investment appeal, aiding its vision to be a top 10 economy

Turkey has edged closer to achieving its target of becoming one of the world’s top 10 economies by 2023, after it was awarded investment grade rating this month by Moody’s, significantly its second upgrade by one of the world’s three main credit rating agencies within the space of six months....

Posted on 23 May 2013

Exchange rate stability makes life more comfortable for Brits in Turkey

Expats who rely on income from the UK have been better off in Turkey than those living in Spain, France or any other Eurozone country, thanks to the Turkish lira being more stable than the Euro since the credit crisis of 2008 – a trend likely to continue in the...

Posted on 22 May 2013

Turkey Pays Off IMF Debt, Becomes Contributor

After paying down debt rapidly for several years, this week saw Turkey enter a debt-free relationship with the IMF after 19 years as a debtor. It made for big news in 2008 when Turkey failed to enter a new standby agreement with the IMF signalling its confidence and desire to...

Posted on 16 May 2013

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

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