Sure, there are lots of problems regardless. Social tensions etc. which need to be adressed like the refugee/illegal migrant situation which is a drain on the countries socio-economic field and simply results in lower wages, higher inflation, higher rental prices etc. and this obviously will ultimately result in Erdogans defeat in the next election if he fails to fix this issue. He can do anything from now on but if the refugee situation is not fixed this will be it for him.
Turkish Economy - News & Updates
- Thread starter Zulkarneyn
- Start date
Sure, there are lots of problems regardless. Social tensions etc. which need to be adressed like the refugee/illegal migrant situation which is a drain on the countries socio-economic field and simply results in lower wages, higher inflation, higher rental prices etc. and this obviously will ultimately result in Erdogans defeat in the next election if he fails to fix this issue. He can do anything from now on but if the refugee situation is not fixed this will be it for him.
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@GlobalMillitary96
You are a brilliant teenager.
You should know about him:
Timur Kuran is a Turkish American economist, Professor of Economics and Political Science, and Gorter Family Professor in Islamic Studies at Duke University. His work spans economics, political science, history, and legal studies.[1]
https://en.wikipedia.org/wiki/Timur_Kuran
And also you should read bir his book:
The Long Divergence: How Islamic Law Held Back the Middle East (Princeton: Princeton University Press, 2010), 424 pp.
"Kuran persuasively argues that what held the Middle East back wasn't Islam as such, or colonialism, but rather various secondary Islamic legal practices that are no longer relevant today."
Open the attachment, enjoy the book.
You are a brilliant teenager.
You should know about him:
Timur Kuran is a Turkish American economist, Professor of Economics and Political Science, and Gorter Family Professor in Islamic Studies at Duke University. His work spans economics, political science, history, and legal studies.[1]
https://en.wikipedia.org/wiki/Timur_Kuran
And also you should read bir his book:
The Long Divergence: How Islamic Law Held Back the Middle East (Princeton: Princeton University Press, 2010), 424 pp.
"Kuran persuasively argues that what held the Middle East back wasn't Islam as such, or colonialism, but rather various secondary Islamic legal practices that are no longer relevant today."
Open the attachment, enjoy the book.
GlobalMillitary96
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Never heard of him. I'll have a look at his works.
‘Solar is key in reducing Turkish gas imports'
ISTANBUL
Turkey’s installed solar power capacity stands at some 6,000 megawatts, but this capacity is expected to surpass 10,000 megawatts this year.
Solar energy is a key energy source to mitigate the high costs of Turkey’s imported gas, according to the head of the Turkish Solar Energy Industry Association, GENSED, Halil Demirdağ.
One thousand megawatts (MW) of installed capacity in solar energy will prevent $110 million worth of imported natural gas, Demirdağ told in an interview with Anadolu Agency.
Turkey is a major solar energy player due to the country’s abundance of solar energy.
“In solar energy installed capacity, Turkey’s share in the world has reached 1 percent. Turkey is very lucky in terms of geography when it comes to solar energy,” he said.
Turkey, which is highly dependent on natural gas for its domestic energy consumption, imported a total 50.36 billion cubic meters of gas in 2018.
These import costs are seen as substantial on the country’s energy budget, and therefore, the country is focusing heavily on renewable energy investments, he said.
He explained that investments in renewables and solar in particular have lower financial costs, the results of which will see greater installed capacity in Turkey.
Turkey’s current installed solar capacity is around 6,000 MW, but Demirdağ believes this will surpass 10,000 MW this year.
Global installed capacity in solar energy has recently surpassed 500,000 MW, more than 80 percent of which came in the last five years, Demirdağ noted.
In China, considered the world’s biggest solar panel manufacturers with a 90 percent share, the coronavirus outbreak has had an impact on solar production and its supply chain.
However, Demirdağ expressed hope and said that these concerns are already being quelled by Europe’s decision to have at least a capacity of 10,000 MW in solar panel production.
On a related note, Turkey’s clean energy generation received around 2.83 billion Turkish Liras (around $466 million) in incentive payments in January through the Renewable Energy Support Scheme (YEKDEM), according to Turkey’s Energy Exchange Istanbul (EXIST) data.
Turkey offers feed-in tariffs for renewable energy plants such as wind, hydropower, geothermal, biomass and solar through the YEKDEM scheme. The scheme, which started in 2011, supports wind and hydropower plants at a cost of $0.073 per kilowatt-hour (kWh), geothermal facilities at $0.105 kWh, and solar and biomass plants at $0.133 kWh.
In January, a total of 817 facilities, with an installed capacity of 21,049 megawatts, received financial backing under YEKDEM
https://www.hurriyetdailynews.com/solar-is-key-in-reducing-turkish-gas-imports-152228
^interesting thread
Turkey’s external assets increase at end-2019
Net int'l investment position betters last year compared to end of 2018, with Turkey's external assets totaling $250.6B
Tuba Sahin |21.02.2020
ANKARA
Turkey's net international investment position (NIIP) improved as of the end of 2019 versus the end of previous year, as its assets abroad increased at a higher pace than liabilities against non-residents, official data showed Friday.
Turkey's assets abroad reached $250.6 billion at the end of last year, rising 9.4% from the end of 2018, the Turkish Central Bank said in a statement.
The country's liabilities against non residents rose slightly by 0.3% to hit $599.5 billion in the same period, bringing the NIIP – the gap between its external assets and liabilities – to minus $348.9 billion as of Dec. 31, down from minus $368.5 billion at the end of 2018.
The NIIP is the value of overseas assets owned by a nation, minus the value of domestic assets owned by foreigners, including overseas assets and liabilities held by a nation’s government, the private sector and its citizens.
Reserve assets were $105.5 billion at the end of last year, posting an increase of 13.4%, while other investments came in at $94.5 billion, up 6.5% during the same period.
https://www.aa.com.tr/en/economy/turkey-s-external-assets-increase-at-end-2019/1740581
ISTANBUL
Turkey’s installed solar power capacity stands at some 6,000 megawatts, but this capacity is expected to surpass 10,000 megawatts this year.
Solar energy is a key energy source to mitigate the high costs of Turkey’s imported gas, according to the head of the Turkish Solar Energy Industry Association, GENSED, Halil Demirdağ.
One thousand megawatts (MW) of installed capacity in solar energy will prevent $110 million worth of imported natural gas, Demirdağ told in an interview with Anadolu Agency.
Turkey is a major solar energy player due to the country’s abundance of solar energy.
“In solar energy installed capacity, Turkey’s share in the world has reached 1 percent. Turkey is very lucky in terms of geography when it comes to solar energy,” he said.
Turkey, which is highly dependent on natural gas for its domestic energy consumption, imported a total 50.36 billion cubic meters of gas in 2018.
These import costs are seen as substantial on the country’s energy budget, and therefore, the country is focusing heavily on renewable energy investments, he said.
He explained that investments in renewables and solar in particular have lower financial costs, the results of which will see greater installed capacity in Turkey.
Turkey’s current installed solar capacity is around 6,000 MW, but Demirdağ believes this will surpass 10,000 MW this year.
Global installed capacity in solar energy has recently surpassed 500,000 MW, more than 80 percent of which came in the last five years, Demirdağ noted.
In China, considered the world’s biggest solar panel manufacturers with a 90 percent share, the coronavirus outbreak has had an impact on solar production and its supply chain.
However, Demirdağ expressed hope and said that these concerns are already being quelled by Europe’s decision to have at least a capacity of 10,000 MW in solar panel production.
On a related note, Turkey’s clean energy generation received around 2.83 billion Turkish Liras (around $466 million) in incentive payments in January through the Renewable Energy Support Scheme (YEKDEM), according to Turkey’s Energy Exchange Istanbul (EXIST) data.
Turkey offers feed-in tariffs for renewable energy plants such as wind, hydropower, geothermal, biomass and solar through the YEKDEM scheme. The scheme, which started in 2011, supports wind and hydropower plants at a cost of $0.073 per kilowatt-hour (kWh), geothermal facilities at $0.105 kWh, and solar and biomass plants at $0.133 kWh.
In January, a total of 817 facilities, with an installed capacity of 21,049 megawatts, received financial backing under YEKDEM
https://www.hurriyetdailynews.com/solar-is-key-in-reducing-turkish-gas-imports-152228
^interesting thread
Turkey’s external assets increase at end-2019
Net int'l investment position betters last year compared to end of 2018, with Turkey's external assets totaling $250.6B
Tuba Sahin |21.02.2020
ANKARA
Turkey's net international investment position (NIIP) improved as of the end of 2019 versus the end of previous year, as its assets abroad increased at a higher pace than liabilities against non-residents, official data showed Friday.
Turkey's assets abroad reached $250.6 billion at the end of last year, rising 9.4% from the end of 2018, the Turkish Central Bank said in a statement.
The country's liabilities against non residents rose slightly by 0.3% to hit $599.5 billion in the same period, bringing the NIIP – the gap between its external assets and liabilities – to minus $348.9 billion as of Dec. 31, down from minus $368.5 billion at the end of 2018.
The NIIP is the value of overseas assets owned by a nation, minus the value of domestic assets owned by foreigners, including overseas assets and liabilities held by a nation’s government, the private sector and its citizens.
Reserve assets were $105.5 billion at the end of last year, posting an increase of 13.4%, while other investments came in at $94.5 billion, up 6.5% during the same period.
https://www.aa.com.tr/en/economy/turkey-s-external-assets-increase-at-end-2019/1740581
Women's employment rises in Turkey as govt launches new measures
DAILY SABAH WITH AA
ISTANBUL
Published23.02.202021:46
(File Photo)
Turkey's first lady, Emine Erdoğan, lauded the country's progress in female employment and urged women to take on more entrepreneurial roles as the government prepares to kick off new programs to boost women's participation in the workforce.
Speaking at the opening ceremony of the Women Entrepreneurship Centre (GİKAMER), Erdoğan said the female employment rate rose to 34% from 23% between 2004 and 2018 in Turkey and emphasized the importance of government incentives to boost women's employment.
"Our government is working toward helping women to have a work-life balance through incentives such as maternity and breastfeeding leave and better nursery options," Erdoğan said.
She stated that more women enterprises would support the country's economic growth and lead the way for the younger generation of women to assume more leadership roles.
The first lady called on women to equip themselves with the necessary skills to become entrepreneurs through training on finance, economy, networking and communication offered at the GIKAMER.
Also present at the event, Zehra Zümrüt Selçuk, the country's minister for labor, social services and family, said 47% of participants of her ministry's entrepreneurship program were women, underlining the female potential in this area.
She said the ministry will continue to facilitate women's entry into the workforce and increase the number of female entrepreneurs.
Women's employment remains a major issue for Turkey, like elsewhere in the world, Turkey still lags behind in the participation of women in the workforce. Women's cooperatives, which allow women to join their forces for self-employment, may help boost women's employment in the country. The government, with a project supported by EU funds, will launch a cooperative program in 2020.
For the first time, the government will implement a project worth 5 million euros ($5.53 million) for women's cooperatives. TL 1.4 billion will be spent as loans for students and young people for employment opportunities while 325,000 disadvantaged students will receive direct cash assistance. Other projects will create employment opportunities for 450,000 people as well.
The ministry will also launch vocational training programs for women in guesthouses or shelters for women domestic violence victims. With EU funds, a total of 20,000 women will receive incentives to "stay" employed.
Entrepreneurship training to have more women in the workforce based on their skills will also be supported. The government will also expand daycare facilities in industrial and technology zones to encourage women who quit their jobs after giving birth to return to work.
https://www.dailysabah.com/economy/...rises-in-turkey-as-govt-launches-new-measures
DAILY SABAH WITH AA
ISTANBUL
Published23.02.202021:46
(File Photo)
Turkey's first lady, Emine Erdoğan, lauded the country's progress in female employment and urged women to take on more entrepreneurial roles as the government prepares to kick off new programs to boost women's participation in the workforce.
Speaking at the opening ceremony of the Women Entrepreneurship Centre (GİKAMER), Erdoğan said the female employment rate rose to 34% from 23% between 2004 and 2018 in Turkey and emphasized the importance of government incentives to boost women's employment.
"Our government is working toward helping women to have a work-life balance through incentives such as maternity and breastfeeding leave and better nursery options," Erdoğan said.
She stated that more women enterprises would support the country's economic growth and lead the way for the younger generation of women to assume more leadership roles.
The first lady called on women to equip themselves with the necessary skills to become entrepreneurs through training on finance, economy, networking and communication offered at the GIKAMER.
Also present at the event, Zehra Zümrüt Selçuk, the country's minister for labor, social services and family, said 47% of participants of her ministry's entrepreneurship program were women, underlining the female potential in this area.
She said the ministry will continue to facilitate women's entry into the workforce and increase the number of female entrepreneurs.
Women's employment remains a major issue for Turkey, like elsewhere in the world, Turkey still lags behind in the participation of women in the workforce. Women's cooperatives, which allow women to join their forces for self-employment, may help boost women's employment in the country. The government, with a project supported by EU funds, will launch a cooperative program in 2020.
For the first time, the government will implement a project worth 5 million euros ($5.53 million) for women's cooperatives. TL 1.4 billion will be spent as loans for students and young people for employment opportunities while 325,000 disadvantaged students will receive direct cash assistance. Other projects will create employment opportunities for 450,000 people as well.
The ministry will also launch vocational training programs for women in guesthouses or shelters for women domestic violence victims. With EU funds, a total of 20,000 women will receive incentives to "stay" employed.
Entrepreneurship training to have more women in the workforce based on their skills will also be supported. The government will also expand daycare facilities in industrial and technology zones to encourage women who quit their jobs after giving birth to return to work.
https://www.dailysabah.com/economy/...rises-in-turkey-as-govt-launches-new-measures
Turkish railways posts record figures for 2019
ANKARA
Alamy Photo
The Turkish railways have posted record figures in freight and passenger transportation for 2019, the country’s transport minister said.
The total passenger numbers through Turkey’s railways reached 149.8 million, said Cahit Turhan on Feb. 25.
The number of passengers travelled through high-speed trains grew 2 percent year-on-year to 8.3 million in 2019, he said.
“Some 17.5 million passengers travelled by conventional trains last year, rising 10 percent from 16 million previous year,” the minister added.
This success owes to the investments that have been made in the railway sector since 1950, Turhan told Anadolu Agency.
He said the quality of service on conventional trains has improved thanks to the renewal of the existing railway network, its modernization and rejuvenation of the vehicle fleet.
The Eastern Express, an overnight passenger train running between Turkey’s capital Ankara and the eastern Kars province and listed among top four routes in the world, attracted a great interest of passengers, he added.
The Marmaray, a 13.5-kilometer commuter rail and train passage connecting Istanbul’s Asian side to its European side beneath the Bosphorus Strait, welcomed 124 million passengers in 2019, Turhan noted.
He highlighted that the amount of freight transported via railways also surged to hit 29.3 million tons last year.
[HH] Huge investments
With the integration of Marmaray on the route, transportation time between the Far East and Western Europe has been reduced to 18 days.
The first Chinese freight train traveling the China Railway Express line from Xi’an, China to Europe crossed under the Bosporus Strait on Nov. 7, 2019, after setting off from Ankara a day earlier.
Turkey has invested over 767.5 billion Turkish Liras (some $334 billion) in transportation infrastructure over the last 17 years, according to the Transport and Infrastructure Ministry.
The Turkish government plans to increase the total railway length to 17,525 kilometers with the completion of a 5,509-kilometer-long new line until 2023, when the country will mark the centennial of the Republic of Turkey.
https://www.hurriyetdailynews.com/turkish-railways-posts-record-figures-for-2019-152424
Turkish economy grew 5% in Q4, 2019 growth above forecast, poll shows
BY DAILY SABAH WITH REUTERS
ISTANBUL BUSINESS
FEB 24, 2020 6:03 PM GMT+3
An aerial view of the Levent business district in Istanbul. (iStock Photo)
Turkey’s economy grew 5% in the fourth quarter and expanded 0.6% in the year as a whole, above the government forecast, a Reuters poll showed Monday.
The major emerging market economy entered a promising era of growth in the third quarter of last year, taking a turn after three consecutive quarters of contraction.
The economy grew 0.9% year-on-year between July and September of 2019. In the first two quarters, the economy contracted 2.3% and 1.6%, respectively, on an annual basis.
In 2018, the economy posted an annual growth rate of 2.8%, narrowing in the last quarter.
In a Reuters poll of 16 economists, the median forecast was for 5% year-on-year growth in the fourth quarter.
Full-year growth was seen at 0.6%, just above the government's forecast of 0.5% announced in September.
Economist forecasts for fourth-quarter growth ranged between 4% and 6.1%, full-year growth forecasts range between 0.4% and 1%.
Haluk Bürümcekçi, of Bürümcekçi Consulting, told Reuters that while a decline in foreign demand had hit growth, consumption and retail sales were strong. "With the contribution of delayed domestic demand coming into play due to the fall in loan interest rates, we are seeing a large growth in the fourth quarter," he said.
Turkish economic growth has averaged around 5% over the last two decades. During a financially and economically turbulent period that kicked off in the second half of 2018 and stretched into the first half of 2019, the economy was battered by currency volatility, high inflation and high interest rates, resulting in tumbling domestic demand from consumers and investors.
The Central Bank of the Republic of Turkey (CBRT) responded by raising its policy rate to 24%, where it had stayed until last July. It has cut rates by 1,325 basis points since then in order to boost growth.
Turkish industrial production climbed 8.6% year-on-year in December, rising for a fourth straight month, further signaling a sharp economic pickup in the last quarter of 2019.
The Turkish Statistical Institute (TurkStat) will publish the Turkish economic growth data on March 2 at 0700 GMT.
https://www.dailysabah.com/business...5-in-q4-2019-growth-above-forecast-poll-shows
ANKARA
Alamy Photo
The Turkish railways have posted record figures in freight and passenger transportation for 2019, the country’s transport minister said.
The total passenger numbers through Turkey’s railways reached 149.8 million, said Cahit Turhan on Feb. 25.
The number of passengers travelled through high-speed trains grew 2 percent year-on-year to 8.3 million in 2019, he said.
“Some 17.5 million passengers travelled by conventional trains last year, rising 10 percent from 16 million previous year,” the minister added.
This success owes to the investments that have been made in the railway sector since 1950, Turhan told Anadolu Agency.
He said the quality of service on conventional trains has improved thanks to the renewal of the existing railway network, its modernization and rejuvenation of the vehicle fleet.
The Eastern Express, an overnight passenger train running between Turkey’s capital Ankara and the eastern Kars province and listed among top four routes in the world, attracted a great interest of passengers, he added.
The Marmaray, a 13.5-kilometer commuter rail and train passage connecting Istanbul’s Asian side to its European side beneath the Bosphorus Strait, welcomed 124 million passengers in 2019, Turhan noted.
He highlighted that the amount of freight transported via railways also surged to hit 29.3 million tons last year.
[HH] Huge investments
With the integration of Marmaray on the route, transportation time between the Far East and Western Europe has been reduced to 18 days.
The first Chinese freight train traveling the China Railway Express line from Xi’an, China to Europe crossed under the Bosporus Strait on Nov. 7, 2019, after setting off from Ankara a day earlier.
Turkey has invested over 767.5 billion Turkish Liras (some $334 billion) in transportation infrastructure over the last 17 years, according to the Transport and Infrastructure Ministry.
The Turkish government plans to increase the total railway length to 17,525 kilometers with the completion of a 5,509-kilometer-long new line until 2023, when the country will mark the centennial of the Republic of Turkey.
https://www.hurriyetdailynews.com/turkish-railways-posts-record-figures-for-2019-152424
Turkish economy grew 5% in Q4, 2019 growth above forecast, poll shows
BY DAILY SABAH WITH REUTERS
ISTANBUL BUSINESS
FEB 24, 2020 6:03 PM GMT+3
An aerial view of the Levent business district in Istanbul. (iStock Photo)
Turkey’s economy grew 5% in the fourth quarter and expanded 0.6% in the year as a whole, above the government forecast, a Reuters poll showed Monday.
The major emerging market economy entered a promising era of growth in the third quarter of last year, taking a turn after three consecutive quarters of contraction.
The economy grew 0.9% year-on-year between July and September of 2019. In the first two quarters, the economy contracted 2.3% and 1.6%, respectively, on an annual basis.
In 2018, the economy posted an annual growth rate of 2.8%, narrowing in the last quarter.
In a Reuters poll of 16 economists, the median forecast was for 5% year-on-year growth in the fourth quarter.
Full-year growth was seen at 0.6%, just above the government's forecast of 0.5% announced in September.
Economist forecasts for fourth-quarter growth ranged between 4% and 6.1%, full-year growth forecasts range between 0.4% and 1%.
Haluk Bürümcekçi, of Bürümcekçi Consulting, told Reuters that while a decline in foreign demand had hit growth, consumption and retail sales were strong. "With the contribution of delayed domestic demand coming into play due to the fall in loan interest rates, we are seeing a large growth in the fourth quarter," he said.
Turkish economic growth has averaged around 5% over the last two decades. During a financially and economically turbulent period that kicked off in the second half of 2018 and stretched into the first half of 2019, the economy was battered by currency volatility, high inflation and high interest rates, resulting in tumbling domestic demand from consumers and investors.
The Central Bank of the Republic of Turkey (CBRT) responded by raising its policy rate to 24%, where it had stayed until last July. It has cut rates by 1,325 basis points since then in order to boost growth.
Turkish industrial production climbed 8.6% year-on-year in December, rising for a fourth straight month, further signaling a sharp economic pickup in the last quarter of 2019.
The Turkish Statistical Institute (TurkStat) will publish the Turkish economic growth data on March 2 at 0700 GMT.
https://www.dailysabah.com/business...5-in-q4-2019-growth-above-forecast-poll-shows
Mr.NiceGuy
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Food price index of last decade.
Mr.NiceGuy
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Pr. Dr. Oktay Sinanoğlu explain that why Turkish farming sectors fall apart after akp's wrong policies.
Mr.NiceGuy
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Shameless baboon...
UPDATE 2-Turkish economy registers strong rebound from recession
* Fourth-quarter growth at 6%
* Full-year growth of 0.9% beats expectations
* Central bank slashed rates to boost growth
* Growth of 5% expected this year (Adds graphic, analyst comment)
By Nevzat Devranoglu
ANKARA, Feb 28 (Reuters) - The Turkish economy grew 6% year on year tmsnrt.rs/2P6vV18 in the fourth quarter and nearly 1% in 2019 as a whole, data showed on Friday, beating expectations with a strong rebound from recession as it shakes off the effects of the 2018 currency crisis.
The data marked a sharp turnaround for the emerging market economy, which has a track record in the past two decades of about 5% growth but has been hit by a nearly 40% slide in the lira’s value since the beginning of 2018.
Compared with the third quarter, Turkey’s gross domestic product (GDP) expanded at a seasonally and calendar-adjusted rate of 1.9%, Turkish Statistical Institute data showed.
A Reuters poll had forecast the economy would expand 5% year on year in the fourth quarter.
In 2019 as a whole, the economy grew 0.9%, against a poll forecast of 0.6%.
The government is forecasting 5% economic growth this year and next.
Consumer spending helped to boost economic activity in the final quarter of 2019, said Haluk Burumcekci, an economist who runs Burumcekci Consulting in Istanbul.
“Preliminary signals indicate that the growth momentum maintains its strength in Q1, 2020,” he said, adding that an easing in financial conditions as well as the pace of credit growth will help to determine the longer-term growth outlook.
“We think, with the latest data available, it will be possible to achieve 4-5% growth this year,” he added
The lira stood at 6.2540 against the dollar on Friday, weakening from Thursday’s close of 6.2080. It slipped on concern over the impact of a Syrian government attack that killed 33 Turkish soldiers in northwest Syria on Thursday.
The central bank responded to the 2018 currency crisis by raising its benchmark interest rate to 24%, where it stayed until last July. It has since cut rates aggressively, by 1,325 basis points, to boost growth.
Separately Turkish industrial production climbed 8.6% year on year in December, rising for a fourth straight month and underlining economic strength in the last quarter of 2019.
Economists’ median estimate in the Reuters poll was for annual growth of 4% this year, below the government’s 5% forecast.
The statistics institute also announced that the foreign trade deficit rose 94.3% year on year in January to $4.45 billion.
https://www.reuters.com/article/tur...s-strong-rebound-from-recession-idUSL5N2AS2E5
* Fourth-quarter growth at 6%
* Full-year growth of 0.9% beats expectations
* Central bank slashed rates to boost growth
* Growth of 5% expected this year (Adds graphic, analyst comment)
By Nevzat Devranoglu
ANKARA, Feb 28 (Reuters) - The Turkish economy grew 6% year on year tmsnrt.rs/2P6vV18 in the fourth quarter and nearly 1% in 2019 as a whole, data showed on Friday, beating expectations with a strong rebound from recession as it shakes off the effects of the 2018 currency crisis.
The data marked a sharp turnaround for the emerging market economy, which has a track record in the past two decades of about 5% growth but has been hit by a nearly 40% slide in the lira’s value since the beginning of 2018.
Compared with the third quarter, Turkey’s gross domestic product (GDP) expanded at a seasonally and calendar-adjusted rate of 1.9%, Turkish Statistical Institute data showed.
A Reuters poll had forecast the economy would expand 5% year on year in the fourth quarter.
In 2019 as a whole, the economy grew 0.9%, against a poll forecast of 0.6%.
The government is forecasting 5% economic growth this year and next.
Consumer spending helped to boost economic activity in the final quarter of 2019, said Haluk Burumcekci, an economist who runs Burumcekci Consulting in Istanbul.
“Preliminary signals indicate that the growth momentum maintains its strength in Q1, 2020,” he said, adding that an easing in financial conditions as well as the pace of credit growth will help to determine the longer-term growth outlook.
“We think, with the latest data available, it will be possible to achieve 4-5% growth this year,” he added
The lira stood at 6.2540 against the dollar on Friday, weakening from Thursday’s close of 6.2080. It slipped on concern over the impact of a Syrian government attack that killed 33 Turkish soldiers in northwest Syria on Thursday.
The central bank responded to the 2018 currency crisis by raising its benchmark interest rate to 24%, where it stayed until last July. It has since cut rates aggressively, by 1,325 basis points, to boost growth.
Separately Turkish industrial production climbed 8.6% year on year in December, rising for a fourth straight month and underlining economic strength in the last quarter of 2019.
Economists’ median estimate in the Reuters poll was for annual growth of 4% this year, below the government’s 5% forecast.
The statistics institute also announced that the foreign trade deficit rose 94.3% year on year in January to $4.45 billion.
https://www.reuters.com/article/tur...s-strong-rebound-from-recession-idUSL5N2AS2E5
Over 5,000 foreign investors granted Turkish citizenship
BY DAILY SABAH
ISTANBUL BUSINESS
FEB 28, 2020 2:41 PM GMT+3
Skyscrapers in the Maslak business and financial district are seen behind residential apartment blocks in Istanbul. (Reuters File Photo)
Over 5,000 foreign investors became Turkish citizens after legislative amendments that eased the minimum requirements for acquiring Turkish citizenship were introduced two years ago, according to the Interior Ministry, fueling the number of investors as well as the investment volume.
Interior Minister Süleyman Soylu told Anadolu Agency (AA) on Friday that the citizenship applications from foreign investors continue to increase as some 5,111 investors were so far granted citizenship while up to 9,000 applications are still processing. Soylu added that there are also some 1,382 investors that completed the process but haven’t received citizenship documents yet.
Investors granted citizenship so far have brought about $1.7 billion worth of investments to the country, Soylu said, adding that once 1,382 investors receive their documents, around $407 million of additional investments are expected.
He concluded that when those who haven’t completed the citizenship process are included, the total amount of investments brought by foreign investors to Turkey is set to total around $2.7 billion.
The rise comes as a result of the amendment initially introduced on Sept. 19, 2018, that eased the way for gaining citizenship from Turkey by foreign investors.
According to the regulation, foreigners who own real estate in Turkey worth a minimum of $250,000, instead of the previous limit of $1 million, can now acquire Turkish citizenship. Also, the lower limit of fixed capital investments to acquire Turkish citizenship for foreigners was reduced to $500,000 from $2 million.
The regulation also covers foreigners who deposit a minimum of $3 million in Turkish banks. The deposit requirement of a minimum of $3 million in Turkish banks was also lowered to $500,000. A similar regulation applies to foreign investors who hold government-issued bonds worth at least $500,000 that are not diversified for three years. The previous minimum requirement was $3 million for government bond holding foreigners. Foreigners who generate jobs for a minimum of 50 people – the previous requirement was 100 people – will also be able to apply for Turkish citizenship.
In addition to other investments, the amendment particularly led to a boom in demand for residential properties across the country.
According to information provided by the Turkish Statistical Institute (TurkStat), nearly 1.35 million housing units were sold in Turkey in 2019, while up to 45,500 houses were bought by foreigners, seeing a 14.7% increase compared to the previous year.
https://www.dailysabah.com/business/economy/over-5000-foreign-investors-granted-turkish-citizenship
Strong rebound: Turkish economy's growth in 2019 exceeds expectations
BY DAILY SABAH WITH WIRES
ISTANBUL BUSINESS
FEB 28, 2020 4:59 PM GMT+3
In this undated photo, skyscrapers are seen in Istanbul, Turkey's financial capital. (iStock Photo)
The higher-than-expected GDP growth enabled Turkey to become one of the fastest-growing economies in the fourth quarter of 2019, while preliminary signals indicate momentum maintains its strength in the first quarter of this year
Turkey’s economy grew 6% year-on-year in the fourth quarter and nearly 1% in 2019 as a whole, beating expectations and rebounding strongly from the turbulent period it endured since the second half of 2018, official data showed Friday, as the economy gains further momentum after turning positive in the third quarter.
The gross domestic product (GDP) data marked a sharp turnaround for the major emerging market economy, which has a track record in the last two decades of around 5% growth, but was battered by currency volatility, high inflation and high interest during a financially and economically turbulent period that kicked off in the second half of 2018 and which resulted in tumbling domestic demand from consumers and investors.
The country’s GDP at current prices surged by 14.9% year-on-year in 2019 to over TL 4.28 trillion, TurkStat said. GDP in the fourth quarter was up 17% year-on-year and came in at nearly TL 1.2 trillion.
The data showed that GDP per capita last year reached TL 51,834 in 2019 at current prices, up from TL 45,463 in 2018.
Compared to the third quarter, the GDP expanded at a seasonally and calendar-adjusted pace of 1.9%, the Turkish Statistical Institute (TurkStat) data showed.
On a sectoral basis, the value added by the agricultural sector rose 3.3% in 2019, compared to 2018. The services and industrial sectors enjoyed annual rises of 1.5% and 0.2%, respectively, while the construction sector dropped 8.6%.
Exports grew 4.4% on an annual basis, down from 5.1% in the preceding three months. Imports jumped 29.3%, following a 7.9% expansion during the previous period.
Private consumption, which has the highest share in GDP, has remained the major driver of growth. It provided a 3.9 percentage point contribution.
Household spending rose 6.8% and government expenditures rose 2.7% in the last quarter, compared with a year earlier. Household consumption was up 0.7% year-on-year in the whole of 2019.
Public consumption, which has lifted growth continuously since early 2017, maintained a positive contribution at 0.4 percentage points in the last quarter of 2019.
Consumer spending helped boost economic activity in the final quarter of 2019, said Haluk Bürümcekçi, an economist who runs Bürümcekçi Consulting in Istanbul.
“Preliminary signals indicate that the growth momentum maintains its strength in the first quarter of 2020,” he said, adding that an easing in financial conditions as well as the pace of credit growth will help to determine the longer-term growth outlook.
“We think, with the latest data available, it will be possible to achieve 4-5% growth this year,” he added.
“Overall, the GDP recovery has been accelerating on the back of supportive policies and a weak base, with a changing composition in favor of domestic demand,” ING Bank noted Friday.
It said private consumption is stronger and investment has been catching up with the acceleration in machinery investment while construction investment has lagged.
One of the fastest-growing economies in Q4
The GDP rose faster than the highest forecast by economists and enabled Turkey to become one of the fastest-growing economies in the fourth quarter. The annual acceleration matched the pace of expansion in China and fell just short of growth in the Philippines.
China’s economy grew 6.0% in the fourth quarter of 2019 from a year earlier, while the Philippines’ economy picked up by 6.4%.
A Reuters poll of 16 economists forecasted the economy would expand 5% year-on-year in the fourth quarter and 0.6% in 2019 as a whole. The median of 19 estimates in a Bloomberg survey was also for 5%.
A panel of 17 economists polled by Anadolu Agency (AA) expected the 2019 growth rate to be 0.6%. Economists' forecast for the last quarter was 5.1% on average.
The figure was also higher than the government’s 0.5% projection, according to the New Economic Program (NEP) announced in September 2019.
The third quarter of 2019 marked a promising era of growth for the economy, which took a turn after three consecutive quarters of contraction.
The economy grew 0.9% year-on-year between July and September of 2019. In the first two quarters, it had contracted 2.3% and 1.6%, respectively, on an annual basis. In 2018, the economy posted an annual growth rate of 2.8%, narrowing in the last quarter.
The NEP for 2020-2022 targets a 5% annual growth rate for 2020, 2021 and 2022. Economists predicted an annual 4% growth this year, according to the median estimate of a Reuters poll.
During a financially and economically turbulent period that kicked off in the second half of 2018 and stretched into the first half of 2019, the economy was battered by currency volatility, high inflation and high interest rates, resulting in tumbling domestic demand from consumers and investors.
The Central Bank of the Republic of Turkey (CBRT) responded by raising its policy rate to 24%, where it stayed until last July. It has cut rates by 1,325 basis points since then in order to boost growth.
Separately, Turkish industrial production climbed 8.6% year-on-year in December, rising for a fourth straight month, further signaling a sharp economic pickup in the last quarter of 2019.
https://www.dailysabah.com/business...-economys-growth-in-2019-exceeds-expectations
BY DAILY SABAH
ISTANBUL BUSINESS
FEB 28, 2020 2:41 PM GMT+3
Skyscrapers in the Maslak business and financial district are seen behind residential apartment blocks in Istanbul. (Reuters File Photo)
Over 5,000 foreign investors became Turkish citizens after legislative amendments that eased the minimum requirements for acquiring Turkish citizenship were introduced two years ago, according to the Interior Ministry, fueling the number of investors as well as the investment volume.
Interior Minister Süleyman Soylu told Anadolu Agency (AA) on Friday that the citizenship applications from foreign investors continue to increase as some 5,111 investors were so far granted citizenship while up to 9,000 applications are still processing. Soylu added that there are also some 1,382 investors that completed the process but haven’t received citizenship documents yet.
Investors granted citizenship so far have brought about $1.7 billion worth of investments to the country, Soylu said, adding that once 1,382 investors receive their documents, around $407 million of additional investments are expected.
He concluded that when those who haven’t completed the citizenship process are included, the total amount of investments brought by foreign investors to Turkey is set to total around $2.7 billion.
The rise comes as a result of the amendment initially introduced on Sept. 19, 2018, that eased the way for gaining citizenship from Turkey by foreign investors.
According to the regulation, foreigners who own real estate in Turkey worth a minimum of $250,000, instead of the previous limit of $1 million, can now acquire Turkish citizenship. Also, the lower limit of fixed capital investments to acquire Turkish citizenship for foreigners was reduced to $500,000 from $2 million.
The regulation also covers foreigners who deposit a minimum of $3 million in Turkish banks. The deposit requirement of a minimum of $3 million in Turkish banks was also lowered to $500,000. A similar regulation applies to foreign investors who hold government-issued bonds worth at least $500,000 that are not diversified for three years. The previous minimum requirement was $3 million for government bond holding foreigners. Foreigners who generate jobs for a minimum of 50 people – the previous requirement was 100 people – will also be able to apply for Turkish citizenship.
In addition to other investments, the amendment particularly led to a boom in demand for residential properties across the country.
According to information provided by the Turkish Statistical Institute (TurkStat), nearly 1.35 million housing units were sold in Turkey in 2019, while up to 45,500 houses were bought by foreigners, seeing a 14.7% increase compared to the previous year.
https://www.dailysabah.com/business/economy/over-5000-foreign-investors-granted-turkish-citizenship
Strong rebound: Turkish economy's growth in 2019 exceeds expectations
BY DAILY SABAH WITH WIRES
ISTANBUL BUSINESS
FEB 28, 2020 4:59 PM GMT+3
In this undated photo, skyscrapers are seen in Istanbul, Turkey's financial capital. (iStock Photo)
The higher-than-expected GDP growth enabled Turkey to become one of the fastest-growing economies in the fourth quarter of 2019, while preliminary signals indicate momentum maintains its strength in the first quarter of this year
Turkey’s economy grew 6% year-on-year in the fourth quarter and nearly 1% in 2019 as a whole, beating expectations and rebounding strongly from the turbulent period it endured since the second half of 2018, official data showed Friday, as the economy gains further momentum after turning positive in the third quarter.
The gross domestic product (GDP) data marked a sharp turnaround for the major emerging market economy, which has a track record in the last two decades of around 5% growth, but was battered by currency volatility, high inflation and high interest during a financially and economically turbulent period that kicked off in the second half of 2018 and which resulted in tumbling domestic demand from consumers and investors.
The country’s GDP at current prices surged by 14.9% year-on-year in 2019 to over TL 4.28 trillion, TurkStat said. GDP in the fourth quarter was up 17% year-on-year and came in at nearly TL 1.2 trillion.
The data showed that GDP per capita last year reached TL 51,834 in 2019 at current prices, up from TL 45,463 in 2018.
Compared to the third quarter, the GDP expanded at a seasonally and calendar-adjusted pace of 1.9%, the Turkish Statistical Institute (TurkStat) data showed.
On a sectoral basis, the value added by the agricultural sector rose 3.3% in 2019, compared to 2018. The services and industrial sectors enjoyed annual rises of 1.5% and 0.2%, respectively, while the construction sector dropped 8.6%.
Exports grew 4.4% on an annual basis, down from 5.1% in the preceding three months. Imports jumped 29.3%, following a 7.9% expansion during the previous period.
Private consumption, which has the highest share in GDP, has remained the major driver of growth. It provided a 3.9 percentage point contribution.
Household spending rose 6.8% and government expenditures rose 2.7% in the last quarter, compared with a year earlier. Household consumption was up 0.7% year-on-year in the whole of 2019.
Public consumption, which has lifted growth continuously since early 2017, maintained a positive contribution at 0.4 percentage points in the last quarter of 2019.
Consumer spending helped boost economic activity in the final quarter of 2019, said Haluk Bürümcekçi, an economist who runs Bürümcekçi Consulting in Istanbul.
“Preliminary signals indicate that the growth momentum maintains its strength in the first quarter of 2020,” he said, adding that an easing in financial conditions as well as the pace of credit growth will help to determine the longer-term growth outlook.
“We think, with the latest data available, it will be possible to achieve 4-5% growth this year,” he added.
“Overall, the GDP recovery has been accelerating on the back of supportive policies and a weak base, with a changing composition in favor of domestic demand,” ING Bank noted Friday.
It said private consumption is stronger and investment has been catching up with the acceleration in machinery investment while construction investment has lagged.
One of the fastest-growing economies in Q4
The GDP rose faster than the highest forecast by economists and enabled Turkey to become one of the fastest-growing economies in the fourth quarter. The annual acceleration matched the pace of expansion in China and fell just short of growth in the Philippines.
China’s economy grew 6.0% in the fourth quarter of 2019 from a year earlier, while the Philippines’ economy picked up by 6.4%.
A Reuters poll of 16 economists forecasted the economy would expand 5% year-on-year in the fourth quarter and 0.6% in 2019 as a whole. The median of 19 estimates in a Bloomberg survey was also for 5%.
A panel of 17 economists polled by Anadolu Agency (AA) expected the 2019 growth rate to be 0.6%. Economists' forecast for the last quarter was 5.1% on average.
The figure was also higher than the government’s 0.5% projection, according to the New Economic Program (NEP) announced in September 2019.
The third quarter of 2019 marked a promising era of growth for the economy, which took a turn after three consecutive quarters of contraction.
The economy grew 0.9% year-on-year between July and September of 2019. In the first two quarters, it had contracted 2.3% and 1.6%, respectively, on an annual basis. In 2018, the economy posted an annual growth rate of 2.8%, narrowing in the last quarter.
The NEP for 2020-2022 targets a 5% annual growth rate for 2020, 2021 and 2022. Economists predicted an annual 4% growth this year, according to the median estimate of a Reuters poll.
During a financially and economically turbulent period that kicked off in the second half of 2018 and stretched into the first half of 2019, the economy was battered by currency volatility, high inflation and high interest rates, resulting in tumbling domestic demand from consumers and investors.
The Central Bank of the Republic of Turkey (CBRT) responded by raising its policy rate to 24%, where it stayed until last July. It has cut rates by 1,325 basis points since then in order to boost growth.
Separately, Turkish industrial production climbed 8.6% year-on-year in December, rising for a fourth straight month, further signaling a sharp economic pickup in the last quarter of 2019.
https://www.dailysabah.com/business...-economys-growth-in-2019-exceeds-expectations
Inspector Spacetime
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The media article tries to shame by saying that he posted tweets, then deleting it, it attacks the man but does nothing that adds anything of value to the table (thus showing it's true colors (policy) with only one article). Meaning it is subjective not objective. This is a common tactic to demonize one's (political) rivals. This is highly irresponsible (to put it mildly) piece of journalism and only serves to the polarization of us (the people). It's not necessarily that those writing these articles believe what they write, but rather they want us to believe the contents (manipulation). Insanlari gaza getirmeye calisiyorlar, ve malesef bunuda basariyorlar.
These sort of tweets and articles only provokes troll responses like this (top response to the tweet when I clicked it):
Judging from the name, this is a troll account designed to provoke and troll people. People behind these types of accounts have various motives; some have some sort of goal whether it's political or otherwise. Some do it just for fun and love to get a reaction out of people. This isn't anything unique, it's the same all over the world. Judging from the contents of the message, this guy is politically motivated and has a clear goal of demonizing and trolling AKP with this account. (I wouldn't be surprised if the same person has similar accounts but trolling different political parties, because those types of provokers and trolls exist too, might even say that it's common practice almost). The media article isn't as extreme as this tweet but serves the same goal and it provokes these types of tweets which causes a snowballing effect.
It focuses on the cognitive biases of people with the goal of amplifying these biases eventually leading to distrust or even hate among people (polarization). Bir ulkeyi icten yipratmak icin en buyuk metodlardan onde geleni. Medya ve politik partileri ve milletvekilleri bunu bilincsiz olarak yapiyorsa ozaman beceriksizdir. Bilincli yapiyorsa o zaman kotu ve zalimdir. Bazilari hirsa kapilip bu yanlisi ara sira yaparsa, affedilebilir. Ama sistematik olarak yapiyorsa ve bunu politika haline getirdiyse, o zaman bu kisi veya kisiler/kurum vesayre kotu ve zalimdir ya da en kucuk tabiriyle, bilincsizlikle yapiyorsa, beceriksizdir.
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Brother the poster here knows the $hit. He is doing it deliberately.
Like i always said these traitors needs to be dealth with after operation against asshead. They are no less dangerous than pkk
Mr.NiceGuy
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You son of tayyip. You son of apo. We will deal with you later I said that but you are still insist on that.
You apo lover traitors are worse than Satan's himself.
Your days are counted.
Wait for it..
@Inspector Spacetime
What are you trying to prove here dude? Is our economy good and doing marvelous job under his administration?
Or isn't it that we are in an economic crisis and our people suffer of it? Everyday half a dozen people go suicide in Turkey do you know it?
What is your point?
Mr. Son in law manages the Turkish economy very well but we bad people just trying to show it different than what is it actually?
Dude you can write hundreds of sentences or talk a mouthful of words buy it can't change the truth.
The main problem is you and your type of people. You have a mentality that refuses everything bad comes from akp government and automatically set yourself in defending positions.
Whole world knows that our economy is doing sh.t right now and we don't have an administrator who can save our economy right now.
1 dolar is 6.2 tl right now and it keeps rising up day by day. Unemployment rate is 23% and 1/3 Turkish youth is unemployed.
Tabi bunların hepsi algı operasyonu. Mesela ülkede herkes yaz geliyor acaba bu yaz dünyanın neresinde tatil yapsak diye kara kara düşünüyor tıpkı yasadigin hollanda halkı gibi.
Hele bizim emekliler kral okadar çok maaş aliyorlarki berat efendi maaşlarının %5'ini keselim diyor ve bayram harçlığı 1000 lirayı vermemek istiyor.
Tabi bu milletin hepsi hemen gaza geliyor terbiyenizler.
Ülke tarihinin en rezil ekonomisi ile karşı karşıya millet delirme noktasında siz hala algı operasyonu yok provokatör felan filan..
Those people are all lying right dudes? In Turkey everything is perfect. Especially the economy. Our Mr. Son in law doing magnificent job to bring our country among most developed countries. Due to his effort we might be one of the biggest economies in the world very soon.
No need to say more when it's crystal clear. tayyip's public support fall to 30% and he is behind of imamoğlu.
The Turks slap him in the face last year election of city mayors and next time will kick him in the azz. Then we will deal with all tayyip worshippers and Fetö prostitutes plus pkk militants. It will be the day of judgment for those traitors.
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