Turkey Continues to Impress for all the Right Reasons

It is no surprise that foreign direct investment is flooding into Turkey, because unlike many countries at the moment, there is no reason to be scared of investing. Turkey is in Europe, but not in the Eurozone and has been growing strongly throughout the European financial crisis. Even now as the crisis seems to be hitting new heights daily, the Turkish economy continues to set records for all the right things.

This week sees Turkey hit another “historic” export high. Exports this year currently total USD 133.9 billion, surpassing 2008’s USD 132 billion and creating a new benchmark in the country’s export figures, the country’s Minister of Economy Zafer Caglayan announced.

“Turkey reached the highest level of exports in its history as of Thursday,” said Caglayan at a conference organized by the Turkish Exporters Assembly (TIM). “The increase in our exports in the last decade is phenomenal. From 2002’s USD 36 billion to today’s 133.9 billion, Turkey has achieved a success many cannot even dream of,” Caglayan added.

Turkey’s economy has expanded 10.2 percent in the first half, while exports went up by 20 percent, he said.

Turkstat also reported on another record for the Turkish economy, when it revealed a 7 year high in Turkish industrial production, with year on year growth of 7.3%.

The Global Property Guide’s latest global property index can be another source of confidence for property investment in Turkey as well. The index report headlined on growth in India, but also mentioned rising borrowing costs. Recent reports coming out of India talk of soaring borrowing costs exposing overleveraged developers, who are also battling falling sales and profits. Meanwhile the index shows 5.3% year on year growth as Turkey, which faces no such problems on the horizon as it continues to prove that slow and steady wins the race in the world of property.