Turkey grows 2.1 percent in 2nd quarter
Turkey’s economy continues on its growth track for the 19*th consecutive quarter, expanding by 2.1 percent in the second quarter of 2014, over the same period of 2013, according to the Turkish Statistical Institute (TurkStat).
Following the 4.7 percent growth in the first quarter, the country’s first half growth rate for the year stood at 3.3 percent.
The country’s GDP has expanded more than 3-fold in the last decade, reaching USD 820 billion in 2013 figures.
Turkey, the top agricultural producer of Europe
Blessed with vast fertile lands and a climate suitable for growing anything from hazelnut to tobacco, Turkey is rightfully rising in the ladder of the world’s largest agricultural producers. Ranked 1st in Europe and 7th in the world by agricultural production, the country also has a fast-growing food market which is also ripe for foreign investors.
The gross value of Turkey’s agricultural production reached USD 62 billion in 2013 figures, according to figures from the Ministry of Food, Agriculture and Livestock. The minister Mehdi Eker who spoke at the World Food Day event organized by the Turkish Food & Beverage Industry Association (TUGIS) said that the gross value of Turkey’s agricultural production rose from USD 23 billion to USD 62 billion in the last 12 years, taking the top spot in Europe. “Exports of Agricultural and food product exports saw USD 18 billion in 2013”, said Eker, adding that feeding a population of 75 million and 35 million tourists who visit Turkey annually demonstrated that food security was not an issue for Turkey.
Turkey’s agricultural product exports have already reached USD 11.6 billion in the first 8 months of 2014, up by 5.6 percent y-o-y. More than 1600 varieties of Turkish agricultural products reach 180 countries worldwide. Around 40 percent of the country’s total land area consists of arable land, offering a wide range of products such as grains, pulses, oil seeds, fruits and vegetables, cut flowers, poultry, milk and dairy products, honey and tobacco.
As part of its targets set for the agriculture sector by the year 2023, the centennial of the Republic, Turkey aims to be among the top five agricultural producers globally with a gross production value of USD 150 billion and USD 40 billion of agricultural exports.
Turkey’s auto production, exports up
Turkey’s production of motor vehicles rose by 4 percent year-on-year (y-o-y) in September, according to the data by the Automotive Manufacturers' Association (OSD). A manufacturing hub for global auto makers, the country has also seen its exports of automotive products increase by 8 percent within the same month, as the EU market, Turkey’s primary export destination, slowly recovers.
The passenger vehicle production went up by 11 percent y-o-y in September, as 72,120 automobiles were produced, including 54,221 destined for export markets. Out of the total production volume of 835,782 motor vehicles in the first 9 months of the year, 531,492 were passenger vehicles and the rest were vans, buses, trucks and other types of commercial vehicles. The total automotive exports in the period of January-September registered an increase of 6 percent as 653,084 motor vehicles of every sort reached overseas markets.
The Turkish automotive industry earned USD 21.5 billion from exports in 2013 with shipments from Ford, Fiat, Hyundai, Renault, Toyota, Honda and other carmakers’ plants having reached the world markets.
