Industry Protests in Turkey predicted to worsen fall in industrial activity Industrial activity in Turkey fell for a fourth straight month to a two-year low in March, hit by fewer export orders and cooling domestic demand, central bank data shows. The decline is likely to be exacerbated by political unrest and financial fallout from the arrest last week of the mayor of Istanbul, Ekram İmamoğlu, a […] March 26, 2025
Agriculture ‘Unprecedented’ cold weather hammers Turkey’s citrus crops Sharp frosts in important agricultural districts in Turkey’s south have wrought havoc on citrus production, with some regions reporting losses of up to 80 percent. Long-term damage to plantations is adding to the problems of an industry already struggling with climate change. Temperatures fell well below zero over a series of nights in the normally […] March 25, 2025
Economy Regulators take action to stabilise Turkish markets after arrests Efforts by Turkish regulators to stabilise the country’s money markets, which were thrown into turmoil by the arrest of the mayor of Istanbul last week, appear to be having some effect, with losses on the country’s stock market narrowing. Markets were rocked and political unrest ensued after the arrest and detention of Ekrem İmamoğlu, a […] March 24, 2025
Finance Turkey central bank rate hike fails to calm nervous markets Turkey’s central bank has raised its overnight lending rate, a move designed to tighten liquidity and reassure markets it is prepared to intervene in response to financial instability stemming from the arrest this week of a leading political opposition figure. The move has so far failed to settle the markets. The detention of İstanbul mayor Ekram […] March 21, 2025
Economy Turkish political uncertainty casts economic cloud The detention of a leading opposition figure in Turkey just days before he was to be named as a candidate in presidential elections is likely to set back the country’s campaign against sky-high interest rates and persistent inflation, analysts have warned. Ekram İmamoğlu, the mayor of İstanbul and leading member of the opposition Republican People’s […] March 20, 2025
Markets Istanbul mayor’s arrest sends Turkish markets crashing Markets in Turkey were thrown into turmoil on Wednesday after the arrest of Ekrem İmamoğlu, a leading political opposition figure, with the stock exchange, lira and bonds all recording sharp losses. İmamoğlu, the mayor of Istanbul, was expected to be named on Sunday as the Republican People’s Party candidate for Turkey’s next presidential election. He […] March 19, 2025
Analysis Oil & Gas Final kink obstructs reopening of Iraq-Turkey pipeline Iraq’s oil pipeline through Turkey – which has been closed for two years – is not just a pipeline. It raises a cornucopia of issues: declining Russian oil exports to Turkey, US pressure on Iraq to stop illicit Iraqi oil exports to Iran, peace with the militant Kurdistan Workers Party (PKK) in eastern Turkey, how […] March 17, 2025
Economy Turks turn to credit cards for foreign purchases Turks are increasingly using credit cards to buy goods and services abroad, as inflation and taxes eat away at their buying power at home. Turkish people used their credit cards more than 380 million times for overseas purchases last year, spending $11.5 billion, according to a new report by the central bank’s Bankalarası Kart Merkezi […] March 14, 2025
Manufacturing Hyundai to start building electric cars in Turkey next year Hyundai is the latest in a string of Asian car companies looking to build electric vehicles in Turkey, taking advantage of its proximity to the European Union and Russia. However, components made in Turkey will almost certainly be used less than they are in the manufacture of petrol cars, analysts have said. South Korea’s Hyundai […] March 11, 2025
Retail Watchdog investigates four of Turkey’s biggest retailers Turkey’s competition watchdog is carrying out an investigation into four of the country’s five biggest retailers by sales, the supermarket group Carrefour, the discount store chain BİM, the supermarket chain Migros and the discount store group Şok. Their shares on the Boursa Istanbul fell by as much as 6.3 percent on Monday, the day the […] March 11, 2025
Food & Drink Supply restrictions send Turkey date prices soaring Prices for dates in Turkey ahead of Ramadan pretty much always rise because that is when demand surges. The Turks are otherwise not big eaters of the dried fruit. But during Ramadan it is usually the first food muslims in the Middle East and elsewhere tend to eat to break the fast after a long […] March 10, 2025
Economy Turkey’s central bank cuts interest rates again Turkey’s central bank has cut interest rates for the third time since December, citing an easing of inflationary pressures and a cooling of domestic demand as factors in its decision. The bank’s monetary policy committee cut its headline lending rate by 250 basis points on March 6, lowering its interest rate to 42.5 percent from […] March 6, 2025
Banking & Finance Turkish inflation eases again, with interest rate cut likely Turkey’s inflation rate declined again in February, falling below 40 percent for the first time since mid-2023, while an indicator of industrial activity improved. The consumer price index fell to 39.05 percent, according to data issued by state statistics agency Turkstat this week, with a month-on-month price increase of 2.27 percent. The decline could mean […] March 4, 2025
Economy Turkey’s economic rebound softened by soaring imports Turkey’s economy recovered in the fourth quarter of 2024 after two consecutive quarters of contraction. However, imports soared in January, boding ill for the trade balance, according to data released by state statistics agency Turkstat. Gross domestic product expanded 3 percent in three months to December 31, helping – when combined with expansion in the […] February 28, 2025
Agriculture Turkey meets US egg demand with increased exports Turkish producers are redirecting egg exports to the US in response to an outbreak of avian flu which is crippling the US poultry sector. The increased US sales could mean Gulf countries will shell out more for their breakfast staple. The Turkish government has given egg producers approval to increase US sales, with the packaged […] February 26, 2025
Logistics Turkey’s Ciner Shipping packs up and moves to Athens One of Turkey’s largest shipping companies is moving its headquarters to Athens, the latest in a string of Turkish businesses to take advantage of Greece’s EU membership and what they say is a more investment-friendly environment. Ciner Shipping issued a statement on February 21 saying it was shifting its base from Istanbul. Its Turkish staff […] February 26, 2025
Manufacturing Turkish industrial capacity use falls again The level of Turkish industrial capacity in use fell in February, continuing a trend of slowing activity in the country’s factories for a third month. Less than three quarters of Turkey’s industrial capacity was operational in February, according to data issued by the Turkish Central Bank’s statistics unit on February 24. The 74 percent total […] February 25, 2025
Economy Confidence builds in Turkish real economy Turkish businesses are looking forward to better times but are still struggling with present day issues such as low levels of orders and a sluggish general economic environment. The Turkish Central Bank’s latest business tendency statistics and real sector confidence index, issued on February 24, recorded a steady increase in positive sentiment among the country’s […] February 25, 2025
Energy Turkey’s biofuel sector gets fired up on overseas demand Turkey is poor in oil and gas while its renewable energy sector is heavily reliant on a mix of hydro, wind and solar. But another element is heating up: biofuel – fuel derived directly from biomass, such as wood or plant matter – is gaining interest domestically and creating an export market not available to […] February 24, 2025
Food & Drink Climate change and rising costs challenge Turkish tea producers Turkey is one of the world’s biggest tea producers, and it is taking steps to increase its profile in the highly competitive international market February 24, 2025
Tourism Tourists shun Turkish resort over earthquake fears Hotel bookings in the popular tourist resort of Bodrum on Turkey’s Aegean coast are down because of fears over earthquakes and tsunamis. The Greek island of Santorini has recently suffered a spate of quakes, which has prompted an exodus of tourists. The Bodrum Hoteliers Association said early season hotel reservations are down on this time […] February 14, 2025
Agriculture Cut flowers are a growth industry for Turkey February is the busiest month for Turkey’s cut flower exporters, as Valentine’s Day on the 14th of the month results in 70 million or more blooms being shipped to markets across the continent. Revenue of between $8 million and $10 million is expected, and with International Women’s Day following close behind on March 8, increased […] February 14, 2025
