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William Sellars

William Sellars
Shoppers choose vegetables in Istanbul; inflation means people are spending on essentials

Turkish retailers’ confidence wavers as inflation bites

Confidence is falling among Turkish retailers, according to a survey from the country’s statistics agency Turkstat. Shoppers have been scaling back on big-ticket purchases, spending instead on basic consumer goods as inflation piles pressure on household incomes. May’s business confidence report, released by Turkstat on June 24, showed sentiment in the retail sector at its […]

Turkey foreign property sales

Foreigners turning back on Turkish real estate

Foreign buyers are increasingly shunning the Turkish property market, wary of high prices, the expensive cost of living and a less welcoming environment for overseas real estate investors. There were only 2,064 residential units sold to foreign buyers in May, 35 percent down on the same month last year, data issued by the state statistics […]

Technicians work on a military vehicle at the Otokar factory in Arifiye. Industrial production fell sharply in April

Unemployment rate falls in Turkey but warnings persist

Turkish unemployment levels fell to their lowest rate in more than 11 years in April, helped by strong first-quarter growth.  However, troubling longer-term prospects could mean job queues lengthen again.  Turkey’s headline unemployment rate, covering those aged 15 and over, fell to 8.5 percent in April, the lowest since November 2012 and down from 10 […]

Turkish president Recep Tayyip Erdoğan has sacked the governor of the central bank five times in as many years

Turkish court rules president cannot sack central bank chief

A ruling by Turkey’s highest court striking down the president’s authority to dismiss the head of the central bank is being downplayed by Turkish officials. President Recep Tayyip Erdoğan has sacked the governor of the central bank five times in the past five years. Turkey’s justice minister has insisted the Constitutional Court’s decision did not invalidate […]

Mehmet Şimşek, Turkey's finance minister, did not reveals the new tax rates. Stock market earnings were formerly taxed at 10%

Turkey to tax crypto and stock market earnings

Turkey is planning to tax income earned from cryptocurrency and stock market trades, as the government seeks new revenue streams to help shore up its public finances. The measures were part of a package unveiled by the finance minister Mehmet Şimşek at a gathering of senior officials of the ruling Justice and Development Party on […]

A worker at a foundry in Istanbul. Turkey's manufacturers reported drops in both domestic and foreign orders in the May 2024 PMI

Slump in orders and exports cools Turkish PMI sentiment

Turkish manufacturers are finding their operational environment increasingly difficult, a new survey has revealed. Tighter economic conditions led expectations to fall in May, although some relief came from the slight easing of inflationary pressures. The monthly Purchasing Managers’ Index (PMI) survey, conducted by the Istanbul Chamber of Commerce and S&P Global, fell further into negative […]

Russians Turkey Istanbul Bridge

Russians rush from Turkey as costs and restrictions bite

Rising costs, increased difficulties in obtaining residency permits and tighter enforcement of restrictions on the number of foreign nationals who can live in popular regions are prompting an exodus of Russian citizens from Turkey.  The number of Russian nationals holding Turkish residence permits has plunged to just over 96,000 as of May 16, down from […]

Turkey FAB Yapi Kredi

First Abu Dhabi Bank targets Turkish lender

One of Turkey’s largest corporations has confirmed it is in talks with First Abu Dhabi Bank (FAB) over the sale of a majority holding in the Istanbul-headquartered lender Yapı Kredi, the country’s fourth largest private bank in terms of assets.  A report by Reuters on May 21 said sources told it FAB was offering around […]

Turkey Facebook

Turkey fines Facebook owner Meta over customer data sharing

The social media giant Meta has been found guilty by Turkey’s competition agency of trying to shut out rivals from the local market and dominate advertising penetration. The $230 billion Californian company operates Facebook, Instagram, WhatsApp, and Threads. On May 9 the Turkish Competition Authority announced it had levied fines totalling $37.2 million on Meta […]

Workers at a textile factory in Istanbul. Turkish exporters are hoping for an increase in shipments to the Middle East

Turkish exporters cautiously optimistic for rest of year

Turkish exporters are predicting a strong second half of the year, with expectations of increased shipments to traditional markets and growth into the Middle East.  There are lingering concerns that global risk factors will blow a chill wind over sales, however.  Turkey’s exports accelerated 3.6 percent in the January to March quarter, with sales worth […]

Women working at a textiles factory in Izmir; Turkish manufacturing has been hit by rising costs and interest rates but economic growth is still anticipated

Turkish manufacturers waver on economic prospects

Turkey’s manufacturers are uncertain about the national economy’s prospects, with a report showing a slowing of new orders and an easing of output partly being offset by stronger inventory increases and expectations of a modest release from inflationary pressures.  The latest survey of Turkish manufacturers, conducted by Istanbul Chamber of Commerce and ratings agency Standard […]

A boy shares a hot spring with cows in Guroymak, Bitlis, Turkey. The World Bank has recognised Turkey’s geothermal potential with $600m of grants and loans

Investors warm to Turkey’s geothermal sector

Turkey is planning to offset its hydrocarbons deficit by broadening its renewable energy base, with the country’s geothermal sector being targeted by investors as a strong growth market. Turkey’s current installed capacity of 1700 megawatts (MW) – much of which is being used in agriculture to heat greenhouses – ranks it among the leaders in […]

Turkey textiles

Hit by rising costs, Turkey’s textile producers move overseas

Textile manufacturers in Turkey, struggling with pricing pressures and labour costs, are moving their operations overseas, although at least some in the sector see a turnaround by the year’s end. The Istanbul Chamber of Industry sectoral purchasing managers’ index for March showed sentiment among textile manufacturers was the lowest among the 10 sectors covered by […]

Turkish crude steel output rose 25% year on year to 3.2 million tonnes in January

Turkish steel in the black but EU rules rankle

Turkey’s steel industry has rebounded strongly from a weak 2023, despite facing new emissions standards and competition for important markets.  Crude steel output rose 25 percent year on year to 3.2 million tonnes in January, with domestic consumption of finished steel reaching 3.5 million tonnes, a 20 percent increase.  Exports were also up, increasing 23 […]

Supporters of Ekrem İmamoğlu, Istanbul's CHP mayor, celebrate his re-election on March 31

Erdoğan election blow poses questions for Turkey’s economy

Turkey’s opposition has dealt the ruling bloc of President Recep Tayyip Erdoğan a resounding blow in municipal elections – a result that could have a significant impact on the country’s economy. The Republican People’s Party (CHP) won more than 38 percent of the popular vote on March 31, compared to 36 percent for Erdoğan’s Justice […]

Technicians working for Otokar, a maker of heavy commercial and military vehicles, on the production line at a factory in Sakarya, Turkey

Turkish manufacturers buoyed by rise in PMI

Turkish producers are cautiously optimistic after the Turkey Production Managers Index (PMI), which measures the outlook of the country’s manufacturing sector, returned to positive territory in February. According to the latest report issued by the Istanbul Chamber of Commerce and Standard and Poor’s, this is the first increase after seven straight months of contraction.  The […]

Turkish Central Bank governor Fatih Karahan. The bank had 550 tonnes of gold in its vaults in mid-February

Turkey stockpiles gold as it combats current account deficit

Turkey’s central bank has raised its gold bullion reserves to record levels while limiting sales to the public, as the government attempts to rein in the nation’s current account deficit.  The central bank, the Türkiye Cumhuriyet Merkez Bankası, based in Altındağ, Ankara, had more than 550 tonnes of gold in its vaults as of February […]

The EU grant will help with the repair of Turkey's infrastructure, especially in health, education and water

Turkey’s construction sector struggles to build

Turkey’s construction sector is labouring under the weight of rising material and borrowing costs, fuelled by demand following last year’s devastating earthquakes, but medium-term plans for urban renewal could help to build momentum. January’s sectoral confidence index from the Turkish Statistical Institute – Turkstat – showed the industry as the only major sector to remain […]

Turkey earthquakes economy

Turkey quakes still taking a toll on economy one year on

A year on, the twin earthquakes that devastated much of Turkey’s south continue to send tremors through the nation’s economy. The quakes on February 6 2023 inflicted a $103.6 billion hit on the Turkish economy, according to the Strategy and Budget Department of the Office of the President. Some $85 billion of this was the […]