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 15.7 billion USD last year and could easily beat it this year. Izzet Karaca, President of International Investors Association of Turkey (YASED) and CEO of Unilever Turkey predicts it will come in at 16 billion for the year end 2012.

Judging by the increasing trend observed in FDI figures, Turkey is likely to hit USD 16 billion in 2012.” Karaca said, pointing out the fact that Turkey received USD 6.5 billion in first 5 months of the year, an 11 percent increase over the same period of 2011.

“Despite the deepening debt crisis in Europe, the continent remains as Turkey’s principal source of FDI with an overwhelming 81 percent. Effects of the crisis in Europe on Turkey’s exports will be limited as the demand for exported goods are not likely to decline”, Karaca noted, adding that competitiveness levels of Turkish manufacturers’ were high. “Turkey is the major exporter of white goods to Europe and the leader in the British market”, he said.

Karaca also praised the new incentive system and said we should start to see positive effects on the economy in the next year.

“In overcoming the current account deficit permanently, the incentive system will begin to pay off in the next 6-12 months following the materialization of export-oriented investments”, he said.

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