Saturday , June 24 2017
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Turkish economy minister urges formal action for Customs Union update by year-end

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ANKARA: Economy Minister Nihat Zeybekci is visiting Brussels today to discuss the European Union (EU) Customs Union update. He underlined the fact that before his departure, the goal is to take formal action toward the Customs Union update by the end of this year. “Both sides are working on extending the deal’s scope. The EU commission voted for authority from ... Read More »

Turkish exports to Qatar triple during Gulf crisis


ANKARA: Turkish exports to Qatar have tripled from their normal levels to $32.5 million since four Arab countries began boycotting the Gulf state on June 5, Turkey’s Customs and Trade Minister Bulent Tufenkci said late on Thursday. Saudi Arabia, the United Arab Emirates [UAE], Egypt and Bahrain accuse Qatar of funding terrorism, fomenting regional instability and cosying up to Iran. ... Read More »

Turkey’s debt to GDP ratio below most EU countries


ANKARA: Turkey’s public debt in relation to gross national product (GDP) was below 26 out of 28 countries in the EU and the Eurozone last year, figures from Eurostat and the Treasury reveal. The EU’s public debt to GDP ratio was 83.5 percent in 2016, while the Eurozone countries had a rate of 89.2 percent. Thanks to financial discipline and ... Read More »

Turkish PM urges banks to cut interest rates


ISTANBUL: Turkish Premier Binali Yildirim on Wednesday urged the Turkish banking sector to cut interest rates, saying that otherwise the government will take things into its own hands. “The train is about to leave [the station]. I am making the last call. Either you adopt a reasonable level for interest rates or we will take measures” to reduce them, Yildirim ... Read More »

Pakistan, Turkey agree to boost defence ties

economic ties

ANKARA: Army Chief General Qamar Javed Bajwa was awarded the Legion of Merit in Ankara on Tuesday in recognition of his services for promotion of Pakistan-Turkey defence ties. Speaking on the occasion, General Bajwa dedicated the award to the martyrs of both Pakistani and Turkish armed forces. Later, the Army Chief held a meeting with his Turkish counterpart General Hulusi ... Read More »

Turkey Hill seeks liquor license in Bethlehem


ANKARA: A bill permitting a liquor license transfer to a Turkey Hill convenience store will be on Bethlehem City Councii’s agenda next month. During Tuesday night’s council meeting, a public hearing was held on the transfer that would permit the 1140 Hellertown Rd, location to sell alcoholic beverages. Paul Namey, an attorney with Flaherty & O’ Hara who represented Turkey ... Read More »

Turkey helps Qatar to dodge blockade by sea exports


ANKARA: After Turkish businesspeople exported meat and other food products by air to Qatar, which has been under blockade by some Arab countries since June 5, Istanbul-based Turkish-Qatari QT Logistics will send food aid to the country by sea. Accelerating the process with the support of the Ministry of Economy, the company will send the first shipment of 4,000 tons ... Read More »

Turkey, Sudan launch $10 bln agriculture partnership


ANKARA: Turkey and Sudan took the first steps to establish a bilateral partnership to implement agriculture projects worth $10 billion. Turkey-Sudan Business Council’s (DEIK) Chairman Mehmet Ali Korkmaz said “Turkish investors have an appetite for agricultural investment in Sudan.” He added that the partnership agreement was signed in April 2014 and was published in the Official Gazette on November 19, ... Read More »

Turkey’s economy shows recovery signs but reforms still needed


ANKARA: Fresh data shows that the fragile Turkish economy is recovering faster than expected, but the country needs much structural reforms in order to stay on this track, according to local analysts. Turkish economic growth unexpectedly accelerated at the beginning of the year to its best place in almost two years. According to official data published on Monday, GDP growth ... Read More »

Turkey central bank leaves key rates on hold after Fed

Turkey's Central Bank headquarters in Ankara November 20, 2012. REUTERS/Umit Bektas

ANKARA: Turkey’s central bank kept its main interest rates steady yesterday, in line with market expectations, as it looks to balance double-digit inflation with President Tayyip Erdogan’s calls for cheaper credit. The central bank kept its closely watched late liquidity window at 12.25% and its benchmark repo rate on hold at 8%, saying it would stick to a tight policy ... Read More »

Turkish defense industry sees over 20% growth

sales growth

ANKARA: The U.S. and Europe were Turkey’s top destinations for its military exports last year with sales of $585 million and $450 million, respectively, as the Turkish industry grew by over 20 percent last year, according to a defense industry report late Tuesday. The Defense and Aerospace Industry Manufacturers Association’s 2016 performance report said Turkish defense industry was valued at ... Read More »

Turkey’s unemployment rate rises to 11.7% in March


ANKARA: The unemployment rate in Turkey for the month of March grew by 1.6 percent, compared to the same period last year, and reached 11.7 percent, Turkish Statistical Institute (TurkStat) announced Thursday. When compared to the previous month, however, the unemployment rate fell by 0.9 percentage points. Compared to March 2016, the number of unemployed individuals, aged 15 years and ... Read More »

Turkish Central Bank expected to hold interest rates


ANKARA: Turkey’s Central Bank is expected to hold interest rates on Thursday, according to economists surveyed by Anadolu Agency on Tuesday. A panel of 21 economists had participated in the survey who gave the forecast that the Central Bank would again hold rates as it did during its last monetary policy meeting on April 26. The one-week repo rate — ... Read More »

Turkey sees surprise growth in Q1

high growth rates

ANKARA: Turkey’s economy achieved a growth rate of 5 percent in the first quarter of 2017 compared to figures in the same period last year, according to data from the Turkish Statistical Institute (TÜİK). This surging growth surprised markets, which expected a maximum growth of 3.8 percent. It also indicated that the Turkish economy has begun to recover after a ... Read More »

Turkey’s economy thrives on increased spending, demand and exports


ANKARA: Turkey’s economy grew faster than expected in the first quarter this year as government spending, domestic demand and exports surged. Gross domestic product expanded by an annualized 5% in the first three months of 2017, the state statistics agency said Monday. While outpacing the 3.8% pace forecast by analysts in a survey by The Wall Street Journal, accelerating from ... Read More »

Turkey, EU begin discussing update of Customs Union


ANKARA: As Turkey prepares to negotiate expanding the scope of the Customs Union of the European Union, Ankara, which made comprehensive preparation ahead of a meeting in Brussels tomorrow, will discuss a number of topics including agriculture, e-commerce, public procurement, trade agreements, road transport quotas and livestock obstacles. Within the framework of the update, Turkey aims to provide access to ... Read More »

Turkey poised to set new record on exports


ANKARA: Turkey is set to break a new record in terms of exports, the head of the country’s exporters assembly has said, noting that the export industry has now begun displaying a positive trend following the upheaval after the July 2016 coup attempt. “Although we are aiming at reaching a volume of $155 billion, we could break a new record ... Read More »

Turkey April thermal coal imports drop to 3-year low of 1.34 mln mt


ANKARA: Turkey’s April bituminous thermal coal imports fell 35.9% year on year and 56.4% month on month to 1.34 million mt, the lowest monthly volume since April 2014, according to data from the Turkish statistical Institute (TUIK) Friday. Colombia was again the largest shipper of thermal coal to Turkey at 669,240 mt — down 49% on the year and 63% ... Read More »

Turkey starting oil exploration in Mediterranean, Black seas


ANKARA: Turkey is starting exploration for hydrocarbons in the Mediterranean and Black seas, Turkish media quoted Energy and Natural Resources Minister Berat Albayrak as saying June 9. Turkey will start drilling a well in the Mediterranean Sea during 2017, according to him. Earlier, Turkey’s Ministry of Energy and Natural Resources said in a report that in total 56 wells were ... Read More »

Turkey’s automotive production soars in first five months of 2017

automotive sector

ANKARA: Turkey’s automotive production hit 727,997 units in the first five months of the year with an around 22.5 percent year-on-year increase mainly due to export reasons, data from a leading sector association showed on June 8. The sector’s production increased 23.5 percent in May, reaching 154,758 units since the same month of 2016, according to data from the Automotive ... Read More »