Turkish Economy - News & Updates

[Ir.Tab.]

Construction of 30-mln-passenger capacity airport begins

28 May 2013 /TODAY'S ZAMAN

Shortly after the finalization of a 26.14-billion-euro tender for a new İstanbul airport, Turkey has laid the groundwork for a relatively smaller but critical airport in the country's flourishing south.

The construction of the new airport, called Çukurova, will serve the provinces of Mersin and Adana. Three Cabinet members attended a groundbreakıng ceremony for the new airport on Tuesday in Tarsus. The capacity of the airport will be sufficient to accommodate 30 million passengers annually. In December of 2011, a joint venture between Sky Line Havacılık and Zonguldak Özel Sivil Havacılık won a build-operate-transfer (BOT) tender for Çukurova with a 357-million-euro bid.

The construction of the airport, which will have both domestic and international terminals, is expected to take 36 months. Local officials said earlier this could be reduced to 20 months.

Some 4,500 workers will be hired for the construction of the airport.

Turkey has solicited bids on significant projects to meet its increasing air passenger demand. With the appeal of air travel increasing in Turkey, passengers flocked to airports in the first four months of this year, bringing the total number of air passengers -- domestic and international combined -- to 37.6 million between January and April.

 

[Ir.Tab.]

3rd Bosphorus bridge; today

A groundbreaking ceremony for Istanbul’s controversial third bridge is set to be held today with the expected attendance of Turkey’s President Abdullah Gül and Prime Minister Recep Tayyip Erdoğan.

The consortium is expected to complete the construction of the bridge in 36 months, at a total cost of about $4.5 billion, after the contract is signed. “The bridge should be ready for use by the end of 2015,” Turkish Transportation Minister Binali Yıldırım had said earlier.

According to the Turkish Transport Ministry, the new six-lane bridge, which is expected to be about 1.3 km in length, will be built to the north of the two existing ones, between the Garipçe district on the European side and the Poyrazköy district on the Asian side. Unlike the two existing bridges, which only carry road vehicles, the new bridge will also include rail tracks.

“The consortium agreed Korean Hyundai and SK to build its lateral towers, aprons and suspension cables. Now the Koreans are at work,” added Turhan.

http://www.hurriyetdailynews.com/gr...today.aspx?pageID=238&nID=47801&NewsCatID=345

 

[FireFistAce]

Flag carrier to launch longest non-stop flight

Turkish Airlines (THY) has plans to operate the world’s longest non-stop flight, from Istanbul to Sydney in the coming years, the airlines’ chief executive Temel Kotil said in a recent interview with Air Transport World.

Kotil noted that THY would launch its first flight to Sydney in 2014, but the first flights will include a stopover in Asia. “Within three years the flight will become non-stop when the carrier gets the 777-300ER and 777-200LR planes which will be capable of flying the super long-haul routes,” he added.

Istanbul is the eastern-most point of the European continent, and it is 8076 nautical miles (14,956 kilometers) away from Sydney. Currently, Singapore Airlines holds the crown of the operator of the world’s longest flight, on the Singapore to New York Newark Airport route, at 15,544 kilometers. But, this route is scheduled to be discontinued later this year, as Air Transport World reported.

 

[bughouse]

Flag carrier to launch longest non-stop flight

Turkish Airlines (THY) has plans to operate the world’s longest non-stop flight, from Istanbul to Sydney in the coming years, the airlines’ chief executive Temel Kotil said in a recent interview with Air Transport World.

Kotil noted that THY would launch its first flight to Sydney in 2014, but the first flights will include a stopover in Asia. “Within three years the flight will become non-stop when the carrier gets the 777-300ER and 777-200LR planes which will be capable of flying the super long-haul routes,” he added.

Istanbul is the eastern-most point of the European continent, and it is 8076 nautical miles (14,956 kilometers) away from Sydney. Currently, Singapore Airlines holds the crown of the operator of the world’s longest flight, on the Singapore to New York Newark Airport route, at 15,544 kilometers. But, this route is scheduled to be discontinued later this year, as Air Transport World reported.

interesting... Kinda liked it though.

 

[-SINAN-]

Turkey’s economy grows 3 percent in first quarter, beats expectations

Turkey’s economy continued on its growth path for the 14th consecutive quarter, expanding by 3 percent in the January-March period of 2013, according to a statement by the Turkish Statistical Institute (TurkStat).

Exceeding the expected 2.3 percent, the 3 percent year-on-year growth rate in the first quarter shows that the Turkish economy switched to a growth track after gaining its balance last year, commented the Minister of Finance Mehmet Simsek on the newly released data. “Turkey’s annual growth will reach 4 percent as per the government’s medium term program..”, Simsek added.

Turkey’s annual GDP growth stood at 2.2 percent in 2012, following impressive growth rate figures of 9.2 and 8.5 percent in 2010 and 2011 respectively.

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Turkey to receive USD 10 billion a year in realty investments

Topping the list of real estate investors from all over the world, Turkey’s glowing property market is projected to receive USD 10 billion in foreign investments in the medium term, according to the country’s leading sector body, the Association of Real Estate Investment Companies (GYODER).

“Foreign investments into Turkey in real estate purchases reached USD 720 million in the first quarter of 2013, increasing by 89 percent when compared with the same period of the last year.”, GYODER Deputy Chairman Isik Gokkaya said in a statement. “The lifting of the reciprocity principle is the main reason behind this surge.”, Gokkaya explained, forecasting real estate sales to foreign buyers of USD 3 billion in 2013.

Turkey lifted restrictions on property ownership by foreign buyers last year, opening the market to investors from Russia, the Arab world, and Southeast Asia. Residency permits are also granted to investors acquiring property in Turkey.

“Turkey received USD 2.6 billion of foreign investments in real estate purchases last year, up 31 percent from 2011. We expect this figure to reach USD 3 billion this year with about 10,000 to 12,000 immovables being acquired by foreign nationals.”, GYODER Deputy Chairman said. Reflecting his views on the medium-long term goals of the sector, Gokkaya said that an annual inflow of USD 10 billion in foreign real estate acquisitions was possible with the improved legislation and regulations.

“Turkish developers have opened offices abroad to market their projects. There is great interest in Turkish projects in Russia, Qatar, Saudi Arabia, Iran, Turkic republics, Azerbaijan, U.A.E and other Arab countries.”, Gokkaya noted.

 

[-SINAN-]

Turkey to intensify shale exploration efforts

New reports indicate huge reserves of shale gas in the country’s European area, known as Eastern Thrace, and Southeastern Anatolia.

Turkey is estimated to hold a combined total of 4.6 trillion cubic meters of shale gas in Hamitabat Shale in the Thracian province of Kirikkale , and Dadas Shale, lying between Diyarbakir and Mardin in Southeastern Anatolia, according to a report by the U.S. Energy Information Agency (EIA). The report states that at least 651 billion cubic meters of gas from the two basins are technically recoverable, enough to meet the country’s gas needs for 14 years.

Besides the known reserves in Western and Southeastern provinces, Turkey is thought to have a number of shale gas deposits in Central Anatolia, namely in Ankara, Konya and Nevsehir provinces, although accurate figures are unavailable as the mentioned areas have not been explored in detail.

“Turkey’s state-owned oil company Turkish Petroleum Corporation (TPAO) is working with Shell to explore for shale in Diyarbakir, Southeastern Turkey..”, Turkey’s Minister of Energy, Taner Yildiz said at the handover ceremony of the recently privatized Seyitomer Thermal Power Plant. “The growth rate of Turkey’s energy sector in 2012 is roughly the equivalent of seven years of energy sector growth in some European countries.”, he added, drawing attention to the government’s efforts to reduce the imports of natural gas and increase the use of domestic sources.

“Turkey has made significant progress in realizing its domestic energy potential with all known coal reserves being utilized. “Privatization tenders of coal mines in Adana, Manisa, Kütahya and Bingol provinces have received considerable interest from investors.” the Minister said.

Turkey also has a significant amount of coal reserves in Konya, Eskisehir and Afyonkarahisar which are being developed, he remarked.

Turkey plans to invest USD 100 billion in power generation, including building at least two nuclear power plants, over the next 10 years.

 

[revojam]

As of today a liter of gasoline hit 5 TL , durmak yok yola devam.

 

[madmusti]

As of today a liter of gasoline hit 5 TL , durmak yok yola devam.

Yes but this is everywhere in the World ,not only Turkey !

Why Turkish People go buy in BP or Shell when you have Petrol Ofisi ?

 

[-SINAN-]

Yes but this is everywhere in the World ,not only Turkey !

Why Turkish People go buy in BP or Shell when you have Petrol Ofisi ?

I don't know the world but we use the most expensive gas in the planet and %65 of its is tax.

I used to buy from PO, I had no problems until the motor of my car start to act weird. So i went to service. There they told me problem is based on gas and they adviced me to buy gas from OPET. I started to use OPET now i have no problems.

 

[revojam]

Yes but this is everywhere in the World ,not only Turkey !

Why Turkish People go buy in BP or Shell when you have Petrol Ofisi ?

No petrol prices is same just like ten years ago : Petrolün fiyatı varil başına ölçülür bundan 10 sene önce Amerika Irak'ı işgal ettiğinden 105 dolardı bugün de 107 dolar.Petrol varil fiyatı düşük olduğundan 95-100 dollar arasında seyreder yükseldiğinde ise 100-110 arası ve bu yıllardır böyledir.O yüzden kalkıpta petrol fiyatları arttı muhabbeti yapamaz kimse yaparsan da sorarlar adama "Madem öyle varil fiyatı düştüğün de niye Turkiye'de benzin ucuzlamadı hiç?".

I don't know the world but we use the most expensive gas in the planet and %65 of its is tax.

I used to buy from PO, I had no problems until the motor of my car start to act weird. So i went to service. There they told me problem is based on gas and they adviced me to buy gas from OPET. I started to use OPET now i have no problems.

Owners of that certain PO station were probably putting some water/oil on it make some profit general PO is one of the best petrol stations in Turkiye (specially for diesel).

 

[olcayto]

No petrol prices is same just like ten years ago : Petrolün fiyatı varil başına ölçülür bundan 10 sene önce Amerika Irak'ı işgal ettiğinden 105 dolardı bugün de 107 dolar.Petrol varil fiyatı düşük olduğundan 95-100 dollar arasında seyreder yükseldiğinde ise 100-110 arası ve bu yıllardır böyledir.O yüzden kalkıpta petrol fiyatları arttı muhabbeti yapamaz kimse yaparsan da sorarlar adama "Madem öyle varil fiyatı düştüğün de niye Turkiye'de benzin ucuzlamadı hiç?".




Owners of that certain PO station were probably putting some water/oil on it make some profit general PO is one of the best petrol stations in Turkiye (specially for diesel).

Not to be "that" guy again.

But İ feel like İ need to correct some issues.
First of all at the start of İraq war, petrol prices were no where near 105 $.
İt was just a little over 30$

Ofcourse there has been a certain amount of tax raise on fuel prices. There's no denying that.
Whether these tax raises are good or bad is a matter of personal opinion.

But when you are mentioning a price rise of a certain product, in a certain period.
You should also take the rise in purchasing power of a citizen, in a certain period, to make a fair comparison.

İ will post a fair calculation, when İ have more information about the rise in the average income between 2002-2012.

P.S

why are their 5 x 2011 prices in that image you posted?

 

[-SINAN-]

@olcayto are you nuts ?? We are using the most expensive gas in the planet..... Why are you talking about average income....

1) Turkey: Gas Price: 5.00 TL, GDP/Capita: $12.000
2) Norway: Gas Price: 4.77 TL, GDP/Capita: $100.000

A certain amount tax raise is %65, for gods sake. But it is gooooood, this very good for cow like voters.

I don't have financial problems, i can easily afford even it was 6 TL. Those AKP voters should think now.

 

[olcayto]

@olcayto are you nuts ?? We are using the most expensive gas in the planet..... Why are you talking about average income....

1) Turkey: Gas Price: 5.00 TL, GDP/Capita: $12.000
2) Norway: Gas Price: 4.77 TL, GDP/Capita: $100.000

A certain amount tax raise is %65, for gods sake. But it is gooooood, this very good for cow like voters.

I don't have financial problems, i can easily afford even it was 6 TL. Those AKP voters should think now.

You obviously didn't understand me.

The rise of the price of a certain product in a certain period of time is not important.

The rise of the price of a certain product in a certain period of time in comparison to the rise of a citizen's purchase power in the same time of period is important.

Look basically in the simpliest case İ will say this.

Between 2002-2012 the price of a liter gasoline has risen: 4,57: 1,62= 2,82= 282%
Between 2002-2012 the minimum income wage has risen : 940:250= 3,76= 376%

Another nice comparison

İn the year 2002 a man with his entire minimum wage could buy 250:1,62= 154 litres of gasoline
İn the year 2012 a man with his entire minimum wage could buy 940:4,57= 205 litres of gasoline.

İ am certainly no cow or anything else and İ don't follow anything blindely.

The calculation has been made.

Now let me ask you this simple question who's in a better situation.

The man in 2002 who could buy 154 litres of gasoline with his minimum wage?
Or the man in 2012 who could buy 205 litres of gasoline with his minimum wage?

 

[-SINAN-]

@olcayto again I'm saying, your calculations doesn't change the fact that we are using the most expensive gas. At 2002 the situation was maybe worse than this but it is still bad.

Not just bad very very bad. The fact that %65 of it is tax....

 

[olcayto]

@olcayto again I'm saying, your calculations doesn't change the fact that we are using the most expensive gas. At 2002 the situation was maybe worse than this but it is still bad.

Not just bad very very bad. The fact that %65 of it is tax....

Yeah İ know that Turkey uses the most expensive gasoline (although İ think that norway has catched up again).
65% is indeed to high for Turkey at the moment, but it seems like the government is trying to compensate for tax fraudes in income tax and VAT (kdv) tax.

Which is ofcourse wrong, they should work on a better more fraud proof tax system instead of putting the bill to the entire poopulation.

Hacı 65% vergi diyorsun.

Ben ne yapim bana ucuz geliyor.
Hollanda'da 65% üzerinde yakıt vergisi. Birde aylık 300 TL yol kullanım vergisi alıyorlar. Aylık sigortam da 250 TL.
Bir arabanın kullanmadığın halde 550 tl gideri olur mu ya

Af edersiniz, kendi tuvaletine sıçmak için bir devlet aylık 70 TL alır mı.

Öf Sinan, efkarlandırdın beni.