Economy Rate cut for Turkey in balance as inflation stays high Despite higher than expected inflation in Turkey in November, the window may remain open for the central bank to cut its key lending rate before the end of this year. Turkey’s annualised inflation rate fell back to 47.1 percent in November, data issued by the statistics agency Turkstat on December 3 showed, down from October’s […] December 3, 2024
Trade Oman and Turkish pension fund launches $500m JV A new container port in the southern Turkish city of Iskenderun is to be the first project in a joint venture worth $500 million between one of Turkey’s leading retirement funds and Oman’s sovereign wealth agency. The Oman Investment Authority (OIA) and the Turkish military pension fund Oyak plan to invest in a range of […] December 3, 2024
Economy Turkish growth slows as anti-inflation measures bite Turkey’s economy shifted down another gear in the third quarter, as government efforts to curb demand cut deeper into business and consumer activity. GDP increased by 2.1 percent in the third quarter, slowing from 2.4 percent in the second quarter, according to the official agency Turkstat. Growth in most sectors was either flat or slowing. […] November 29, 2024
Energy Turkey asks US to allow payments to sanctioned Russian bank Turkey is seeking an exemption to new sanctions imposed against Moscow by the Biden administration that would mean payments for imports of Russian natural gas are blocked, potentially cutting energy supplies and undermining the Turkish economy. Washington announced sanctions against Gazprombank, which is part-owned by Russian state gas producer Gazprom, on November 21 this year. […] November 27, 2024
Real Estate Turks drawn to overseas property investments Turkish property investors are increasingly looking further afield as they seek real-estate opportunities. High interest rates and cooling returns on assets at home make the domestic market less appealing both to Turks and foreigners. While Turkey remains a property investment destination, with a net positive balance of capital movement, inflows are tapering off just as […] November 22, 2024
Analysis Agriculture Turkey’s olive growers mine liquid gold Turkey is likely to set a new record for olive oil output this year, as millions of new trees planted in a drive to expand supply reach maturity. The crop should consolidate the country’s position as the one of the world’s largest olive oil producers. This year, Turkey is on course to produce around 475,000 […] November 21, 2024
Economy Turkish consumer confidence slides as inflation persists Turks appear to have taken to heart government efforts to cool the economy and rein in inflation, with the latest consumer confidence survey showing a dip in outlook, reversing a five-month upward trend. Turkey’s consumer confidence slipped further into negative territory in November, according to data issued by statistics agency Turkstat on November 21, as […] November 21, 2024
Agriculture Saffron adds spice to Turkey’s agriculture offering Turkey is hoping an age-old product, saffron spice, will boost the value of its agriculture sector. A new project aims to double the area of saffron under cultivation to meet domestic demand and form the basis for exports in the rare and valuable spice. Saffon-A Tarim AŞ, a private sector company, has begun harvesting 100 […] November 20, 2024
Banking and Finance Development bank targets female employment in Turkey Turkish women are to be one of the main beneficiaries of the European Bank for Reconstruction and Development’s (EBRD) latest investment strategy, through a series of initiatives to fund training, skills growth and business development in the country. In its 2024-29 strategy, released on November 12, the European lender identified four key areas that it […] November 14, 2024
Energy Turkey seeks World Bank funds to upgrade power grid Turkey is in talks with the World Bank to access funding to strengthen and extend the country’s energy transmission grid, part of broader plans to quadruple renewable energy generation capacity and transition away from fossil fuel dependency. World Bank country director for Turkey Humberto Lopez said the international lender will work with Ankara to unlock […] November 12, 2024
Analysis Tourism More tourists in Turkey, but they spend less and leave quicker Turkey is on track to break records for tourist arrivals this year, but it may fall short of revenue targets, as visitor numbers are up but spending is flatlining and average holiday stays are getting shorter. Just over 23.2 million overseas visitors made Turkey their destination in the third quarter of the year, the statistics […] November 11, 2024
Food & Drink Chocolate trend sends Dubai nuts for Turkish pistachios It may have started with a UAE resident trying to assuage her hunger cravings during pregnancy, but the latest taste sensation to sweep the Middle East and beyond is causing contractions in the supply of Turkish pistachios as demand for Dubai chocolate swells. Turkey is in line to post a record high pistachio harvest for […] November 10, 2024
Analysis Economy Turkey to boost borrowing to bridge budget gap Turkey’s Treasury has issued its borrowing programme for 2025, seeking to build a bridge over the budget deficit through a mix of domestic and external debt offerings, though any instability in global markets could add to financing costs. Under the programme, the government will seek to raise the equivalent of up to $13 billion from […] November 8, 2024
Economy Turkish inflation sticks on food and rental costs Turkey’s inflation remains stubbornly resistant to efforts to bring it under control, easing only marginally in October as food and rental pricing pressures continued to build. Annualised inflation dipped to 48.5 percent in October, down slightly from 49.3 percent the preceding month. Month on month, consumer prices were up 2.8 percent, just under September’s 2.9 […] November 4, 2024
Analysis Tax Turkey targets butchers, bakers and tax law breakers Ankara has opened a new front in its war on tax avoidance, as the Turkish finance minister flags a crackdown on small and medium-scale businesses to help balance the budget and increase transparency. Just weeks after announcing a major offensive against tax avoiders in the corporate world, with hundreds of state auditors to be deployed […] October 30, 2024
Economy Turkey considers easing ban on short selling Turkey may partly lift a ban on short selling domestic stocks, a policy initiated almost two years ago, in an attempt to woo foreign investors back to the nation’s share market and reverse a capital exodus. Speaking at the Brookings Institution in Washington DC on October 25, Turkish treasury and finance minister Mehmet Şimşek said […] October 28, 2024
Economy Turkish businesses face rising insolvency rates The Turkish economy is set to be hit by a rising tide of business insolvencies, with near-record numbers of companies going to the wall, which in turn could result in a domino effect along the business supply chain. While many countries will experience a rise in insolvencies, Turkey will be among the hardest hit this […] October 24, 2024
Renewable Energy Turkey plans a fourfold rise in renewable energy Turkey is planning to quadruple its renewable energy capacity over the coming decade, with investments of $80 billion to boost output and another $30 billion to improve transmission and infrastructure. A new streamlined tendering and approval process was also part of the updated renewables policy announced by Turkey’s energy and natural resources minister, Alparslan Bayraktar, […] October 23, 2024
Real Estate Housing market in Turkey bounces back to 2022 levels Cooling prices and increased potential for strong returns on investment have fuelled a rebound in the Turkish housing market, with sales hitting heights not seen in almost two years. Just under 141,000 residential properties were sold in September, a 37 percent year-on-year improvement, and the best result since December 2022, data from the state statistics […] October 21, 2024
Finance High interest rates cause slump in Turkish VC startup funding Turkey has recorded a sharp drop off in venture capital activity so far in 2024, and a leading analyst says investors are exercising patience and being selective in the startups they buy into. There has been a general slowing of funding for new projects and deals being done in emerging markets in the region, Dubai-based […] October 17, 2024
Economy Turkey ramps up taxes to spend on defence tech Turkey’s government has proposed a raft of taxes on everything from credit cards to watches in order to fund increased spending on defence research and development. The ruling Justice and Development Party tabled draft legislation for the levies with parliament’s finance committee on October 11. In recent years Turkey has made a priority of developing its […] October 15, 2024
Economy Turkey using AI in crackdown on corporate tax evaders Turkey is to unleash hundreds of auditors and artificial intelligence technology on the country’s leading companies to identify those that are avoiding paying tax on earnings or that are downplaying their revenue to escape higher payouts. Up to 500 inspectors will be deployed in the first stage of a long term programme to stamp out […] October 15, 2024
