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Turkey

Goldsmiths arrange products in a jewellery store in Istanbul. Demand for gold is rising sharply in Turkey

Demand for gold soars as Turkish investors seek safe haven

Rampant inflation, a weakening currency and geopolitical tensions are boosting demand for gold in Turkey, according to a World Gold Council report published on Tuesday. Turkey’s annual inflation hit a 16-month peak of 69 percent in March, with the central bank’s aggressive interest rate rises doing little to slow the pace of consumer price increases. […]

Turkey's treasury and finance minister Mehmet Şimşek and IsDB president Muhammad Al Jasser at the IsDB annual general meeting in Riyadh

Turkey secures $6bn from Islamic Development Bank

Turkey has secured $6.3 billion in funding over the next two years from the Islamic Development Bank (IsDB) Group to support its economic development.  The facility will support sectors such as education, health, transport, finance, agriculture, industry, energy and infrastructure, state-run Anadolu Agency said, quoting Turkey’s treasury and finance minister Mehmet Şimşek. The total amount consists of $2 billion […]

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 LNG Exxonmobil

Turkey looks for Exxon LNG deal to replace Russia

Turkey is aiming to secure a multibillion-dollar long-term liquefied natural gas deal with ExxonMobil as it strives to reduce reliance on Russian energy. The Turkish energy minister, Alparslan Bayraktar, told the Financial Times Ankara wanted to buy up to 2.5 million tonnes of liquefied natural gas a year in a 10-year agreement.  Bayraktar said the […]

A Getir delivery driver in the Netherlands, one of the Turkish company's last remaining European markets

Turkey’s Getir exits Europe and US to focus on home market

Turkish grocery delivery startup Getir has announced that it is leaving the European and US markets to focus on Turkey. Getir had already exited the French, Italian, Spanish and Portuguese markets in 2023, and will now cease operations in the UK, the US, Germany and the Netherlands. These account for 7 percent of its revenue. […]

The funding of Midas is among the 'biggest ever' Series A fund raise by a Turkish fintech

Turkish fintech Midas raises $45m for new products

Turkish fintech startup Midas has raised $45 million in equity funding to expand its services and launch new products. The new products include cryptocurrency trading, mutual funds and savings accounts. The funding is among the “biggest ever” Series A fund raise by a Turkish fintech and comes less than three years after Midas was launched.  […]

A worker at Al Faw Grand Port. The Development Road project aims to connect the port with Turkey

Gulf to collaborate on $17bn Suez Canal road and rail rival

The $17 billion “Development Road” project is moving ahead after the UAE, Iraq, Qatar and Turkey signed a quadrilateral cooperation agreement.  The road and rail collaboration aims to tie the Al-Faw Grand Port in Iraq’s oil-rich south to Turkey, thereby shortening travel time between Asia and Europe in a bid to rival the Suez Canal. […]

The Turkish Airlines deal with Rolls-Royce and Airbus will be announced later this month

Turkish Airlines nears $20bn deal with Airbus and Rolls-Royce

State-backed Turkish Airlines is expected to sign an agreement with UK’s Rolls-Royce Holdings Plc and European planemaker Airbus to manufacture $20 billion worth of aircraft components locally. The deal will be announced in Istanbul later this month, Bloomberg reported, quoting Turkish officials who were aware of the agreement. Last December the Turkish national carrier announced […]

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 […]

Mubadala-backed Getir weighs asset sales

Turkey’s grocery delivery startup Getir is considering asset sales as part of its ongoing restructuring talks, according to a media report. The company, operating in five markets, including the UK, aims to sell off assets such as US online grocer FreshDirect, acquired last year, and BiTaksi, a ride-hailing app in Turkey, Sky News reported, citing unnamed […]

Turkey's unemployment rate for women was 11.3% in February, down from 11.6% in January

Jobless rate in Turkey edges back towards 10-year low

Turkey’s unemployment rate fell 0.3 percentage points month on month in February, to 8.7 percent, according to official data released on Monday. The seasonally adjusted figure is edging back down towards the 8.6 percent recorded in October last year, the lowest for a decade.  The unemployment rate for women was 11.3 percent in February, down […]

Nature, Undersea cables account for as much as 90 percent of Europe-Asia telecommunications, Water

Iraq and Kuwait team up for European telecom corridor

Iraq’s Informatics and Telecommunication Public Company, a division of the Ministry of Communications, has signed an agreement with Kuwait’s Zajil Telecom to create a telecommunications corridor from the Gulf region to Europe, transiting through Iraq and Turkey. The new route will pass through Iraqi sea and land ports. Iraq’s minister of communications Hayam Al-Yasiri said […]

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 […]

Turkey auto

Auto industry buoyant despite Turkey’s woes  

Production in Turkey’s auto industry is continuing to rebound after four years of falls, despite soaring interest rates dampening domestic demand and the country’s volatile currency making it tough for automakers to plan their activities. Turkey is the world’s 12th biggest automaker, the country’s government says. It made 242,000 vehicles in the first two months […]

The international transport network of Ekol Logistics had a revenue of €470m in 2023

DFDS acquires transport network of Turkey’s Ekol

The Danish shipping and logistics company DFDS is to acquire the international transport network of Turkey’s Ekol Logistics for 1.9 billion crowns ($277 million). The acquisition will add road transport to its Mediterranean ferry network, DFDS said. DFDS’s chief executive, Torben Carlsen, said his company believed Turkey’s role as a manufacturing hub for Europe “will become […]

In 2023 the Turkish government provided $22m in financial support to companies operating in the health services export sector

Turkey’s health tourism sector worth $2bn in 2023

Turkey’s health tourism sector generated revenue of $2.3 billion in 2023, data released by the Ministry of Trade reveals. Health service exports surged from $1.9 billion in 2022 to $2.3 billion in 2023, driven by an influx of 1.4 million health tourists, placing Turkey seventh in the global health tourism rankings. The country has 40 […]

Turkish President Tayyip Erdogan poses with his supporters as he leaves a polling station during the local elections in Istanbul, Turkey March 31, 2024. Murat Kulu/PPO/Handout via REUTERS THIS IMAGE HAS BEEN SUPPLIED BY A THIRD PARTY. NO RESALES. NO ARCHIVES

US rate cuts to ease Turkey’s debt and benefit exports

For Turkey, long-anticipated US interest rate cuts could be more significant in terms of stimulating growth in its major export markets than easing the costs of servicing its spiralling foreign currency debt. Turks have faced a deepening cost of living crisis as veteran president Recep Tayyip Erdoğan’s unorthodox economic policies exacerbated a collapse in the […]

A Togg EV on display at a Turkish mall. The company is manufacturing a fully electric SUV at its facility in Bursa province

Homegrown Togg dominates EV sales in Turkey

Turkey’s domestic electric vehicle (EV) brand Togg dominated sales within the country during the first quarter of 2024.  Togg achieved sales of 4,145 units, state-owned Anadolu Agency reported, quoting data from the Automotive Distributors and Mobility Association. EV sales surged by 276 percent to 14,158 units during the quarter ended March 31, 2024. Consequently, the share […]

Monetary and fiscal tightening will help support disinflation, said Turkish finance minister Mehmet Şimşek

Turkey’s inflation rises to 68.5% on education costs

Turkey’s annual inflation rate increased to 68.5 percent in March, beating the 67.07 percent recorded a month earlier, official data showed. The biggest monthly rise was in education, which rose by more than 13 percent, followed by communication, up almost 6 percent, The Turkish Statistical Institute said. Food and non-alcoholic beverages, housing, and hotels, cafes […]

The main priority is to achieve price stability, said Turkey's new central bank governor Fatih Karahan

Turkey’s central bank aims for disinflation in H2 2024 

Turkey will see disinflation in the second half of the year, the Turkish central bank governor Fatih Karahan has reiterated. Ankara will maintain tight monetary conditions that will significantly lower the monthly inflation trend, he said at a meeting with the Turkish Banks Association management.  “Our determined stance on monetary policy will enable us to […]

Passengers queue to check in at Antalya airport, Turkey's second busiest

Turkey secures more funds for Antalya airport expansion

An additional $463 million financing has been secured to help upgrade and expand Turkey’s second busiest airport, Antalya.  Antalya served more than 35 million passengers in 2023 which went some way towards Turkey recording record tourism receipts. The first phase of development will include the expansion of Terminal 2 and the construction of new general […]