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Turkey

Turkey, Belarus eye strong economic ties

trade

ANKARA: Turkey desires to strenghten economic ties with Belarus by smoothing the way for investors, Development Minister Lutfi Elvan said Wednesday. “Let both Turkish and Belarusian companies win, get into partnerships and invest in third countries,” Elvan said during his meeting with Belarusian Foreign Minister Vladimir Makei in capital Minsk. Pointing to both countries’ position as “gateways to Europe”, Elvan ... Read More »

World Bank likely to revise up Turkey’s growth forecast

growth

ANKARA: Turkey’s growth rate will be revised from 3.5 percent to around 5-5.1 percent as the country is expected to maintain its strong growth performance in the third quarter, the World Bank’s Country Director for Turkey said on Wednesday. “When the third quarter data come out, we will revise it and we are quite likely to revise up to roughly ... Read More »

Turkey-Portugal economic dialogue gains momentum

economic ties

ANKARA: Portugal’s Foreign Minister Augusto Santos Silva assessed Turkey’s relations with both the EU and Portugal, according to a statement released by the Foreign Economic Relations Board (DEIK). Silva, who made the assessment after a Turkey-Portugal round table meeting hosted by the DEIK Turkey-Portugal Business Council, said that as trade relations increase, the two countries are forging closer ties. He ... Read More »

Turkish pharmaceutical company prepares to export to 50 countries

exports

ANKARA: The Turkish pharmaceutical company Pharmactive explained that it has entered the European market with a drug that is developed and used to treat cardiovascular diseases. The company announced the first shipment of Europe 8217 with a million cans of drugs. The general manager of pharmaceutical overseas markets and strategic planning, which says Turkey is mostly importing medicines from abroad, ... Read More »

Turkey’s unemployment rate at 10.7% in July

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ANKARA: The unemployment rate in Turkey remained at 10.7 percent in July compared with the same month last year, the Turkish Statistical Institute (TurkStat) announced Monday. In a statement, TurkStat said the number of jobless aged 15 and over in the country rose to 3.44 million, a rise of 119,000 from July last year. However, July’s figures showed a 0.5 ... Read More »

Turkish inflation will gradually fall as of year-end

inflation

ISTANBUL: Turkey’s central bank monetary policy will have a clearer impact on inflation and it will fall gradually from the end of the year, state-run Anadolu Agency on Sunday cited Central Bank Governor Murat Cetinkaya as saying. “There has been a significant expansion in credits this year. This means that the impact of monetary policy on the economy will emerge ... Read More »

Turkey extends corporation tax hike to all companies

TAX

ANKARA: A Turkish parliamentary commission agreed on Friday to extend a planned 2 percentage point tax rise to all corporations instead of just financial institutions. Friday’s proposal was one of several changes to tax plans which aim to address a public backlash against proposals put forward last month while still allowing expenditure to grow. The government is seeking more revenues ... Read More »

Turkish food products to be promoted in Seoul to boost exports

boost

ANKARA: As part of the Economy Ministry’s drive to promote Turkish goods and products abroad, the Aegean Exporters’ Unions is set to join the Food Week Korea in Seoul between Oct. 25 and Oct. 28. Under the government’s “Branding of Turkish Products Abroad,” “Putting Across the Image of Turkish Goods” and “Turquality support” drives, Turkish food products will be presented ... Read More »

Turkey economic growth, inflation to miss government targets

economic growth

ISTANBUL: Turkey will miss official economic growth forecasts for this year and through 2019, according to private sector economists in a Reuters poll who were nonetheless a bit more upbeat than they were just three months ago. Under its medium-term programme, which is updated annually, the government sees economic growth at 5.5 percent between 2018 and 2020. The programme forecasts ... Read More »

IMF raises Turkey’s 2017 growth forecast to 5.1%

imf

ANKARA: The International Monetary Fund (IMF) more than doubled its 2017 economic growth forecast for Turkey from 2.5 percent to 5.1 percent, the fund said on Tuesday. During its World Economic Outlook conference in Washington, the IMF also forecast a growth of 3.5 percent in 2018 for Turkey, adding that the revised outlook also raised forecasts for emerging and developing ... Read More »

Turkey’s Aselsan inks $44M comms deal with Ukraine

sign

ANKARA: Turkey’s leading defense company has signed a multi-million-dollar contract in Ukraine to supply communications systems, the firm said on Tuesday. The contract for communications systems is worth $43.6 million, Aselsan said in a statement. Deliveries under the agreement will be made in 2018, Aselsan added. During a visit by Ukrainian Prime Minister Volodymyr Groysman to Turkey in March, a ... Read More »

Automotive exports increased by 10% in Turkey

importexports

ANKARA: Automotive exports increased by 10 percent Uha Economy News Entry Date: 9.10.2017 12:04 The export of automotive September was 2 billion 152 million dollars, with a 10.9 percent increase compared to same period of previous year. According to Uludag Automotive Industry Exporters Association (OIB), sector, which received 19 percent of total exports in September, reached 20.8 billion in January-September ... Read More »

Turkey central bank unlikely to loosen policy this year on rising inflation

tcb

ANKARA: Turkey’s central bank will probably wait until next year before easing monetary policy, influenced by the recent jump in inflation, Liam Carson, an economist at Capital Economics, said. The CPI Inflation accelerated to 11.2 percent in September from 10.7 percent in August, data from the Turkish Statistical Institute showed on October 3. The upward trend in inflation was partly ... Read More »

Turkish long steel export prices set to rebound

Cold drawn steel bars are pictured at a production line at 'Schmolz + Bickenbach' group in Duesseldorf March 12, 2008. 'Schmolz + Bickenbach' group one of the world's largest manufacturers, processors and distributors of special steel long products.  REUTERS/Ina Fassbender (GERMANY)

ANKARA: Turkish long steel export prices went down in line with falling scrap prices and weak demand, but the market has hit the bottom and is expected to recover from current levels, sources said on Thursday October 5. Metal Bulletin’s weekly price assessment for rebar exports out of Turkey was $515-520 per tonne fob actual weight, down from $530-540 per ... Read More »

Turkey to fund new weapons through tax, not borrowing

Sales-Tax

ANKARA: Turkey will spend up to an additional $5 billion to buy new weapons next year, Deputy Prime Minister Mehmet Simsek said on Thursday, adding Ankara would fund the modernisation of its military through tax revenues, not borrowing. Last week the government proposed a draft law to the parliament to allocate an additional 8 billion lira ($2.2 billion) of existing ... Read More »

Turkish inflation again accelerates in September

Finland inflation highest since Sep-2014

ANKARA: Turkey’s annualized inflation rate rose to 11.2 percent in September, the state-run statistics agency Turkstat reported on Tuesday, with the costs of education and transportation seeing the biggest monthly gains. The overall increase was slightly below market expectations, but shows a return to higher costs, after a period earlier this year in which the inflation rate dipped into single ... Read More »

Turkey’s hazelnut exports almost double in September

hazelnut

ANKARA: Turkey’s hazelnut exports rose 89.2 percent to over 28,000 tons year-on-year in September, a hazelnut exporters’ association said Monday. Turkey earned $187.4 million by exporting 28,111 tons of hazelnuts in September, the first month of the Turkey’s hazelnut export season, Ilyas Edip Sevinc, president of Black Sea Hazelnut and Products Exporters’ Association (KFMIB), told Anadolu Agency. “During the same ... Read More »

Iran, Turkey look to enhance ties

economic ties

TEHRAN: Improving cooperation between Turkey and Iran would make a significant contribution to solving regional problems, Iran’s president said on Monday, on the eve of a visit by his counterpart. Hassan Rouhani made the remarks while receiving Turkish Chief of General Staff Gen. Hulusi Akar at the presidential palace in Tehran. Stating that relations between the two countries in the ... Read More »

Turkish September trade deficit surges 85.2%

trade-deficit-

ISTANBUL:  Turkey’s trade deficit widened 85.23 percent year-on-year in September to $8.14 billion, data from the Customs and Trade Ministry showed on Monday. Exports rose 8.67 percent in September to $11.85 billion and imports climbed 30.67 percent to $19.99 billion, the data showed. Read More »

Turkey’s September exports up 8.9%

importexports

ISTANBUL: Turkish exports rose 8.9 percent year-on-year in September to $11.34 billion, the Turkish Exporters Assembly (TIM) said on Sunday. Exports in the first nine months of this year were also up 10.6 percent compared with the same period in 2016, at $114.66 billion, TIM said. The assembly releases its figures a month before official data from the Turkish Statistics ... Read More »