Turkish Economy - News & Updates

[Attila the Hun]

Russia expects a list from Turkey to facilitate visas for businessmen

A Russian woman waves as her flight arrives Antalya. Russian Deputy Prime Minister Dvorkovich announced that they withdraw the warning against charter flights to Turkey. The statement came after Erdoğan and Putin met in Sochi on Wednesday.
Following the meeting between Turkish and Russian leaders in Sochi Wednesday, Russian Deputy Prime Minister Dvorkovich announced that they will facilitate visas for Turkish businessmen according to an official list provided by Turkish authorities, and charter flights are now free to fly to Turkey
Russian Deputy Prime Minister Arkady Dvorkovich said that they expect a list of names of Turkish businessmen to be provided for visa facilitation, adding that restrictions on hiring Turkish citizens in Russia will also be lifted.

"Visa facilitation will be provided. We expect the list of names of Turkish businessmen to be given to us by Turkey and I do not think that the facilitation process will take a long time," Dvorkovich said.

According to Dvorkovich, visa liberalization will be implemented for the crew members of aircraft leaving Turkey as well as all official authorities without requiring any lists. Dvorkovich also said restrictions on hiring Turkish citizens in Russia will be lifted, adding that those who are to work in Russia will need to get working visas.

The Russian government had issued some restrictions on the number of Turkish citizens who could work for Russian companies following the jet crisis in 2015, Dvorkovich's statement came after the meeting held between President Recep Tayyip Erdoğan and Russian President Vladimir Putin in Sochi on Wednesday.

Speaking at a press conference held after the meeting, Putin noted that Moscow had decided to lift all restrictions on Turkey affecting the service, production, textile and construction sectors.

On the other hand, Putin stated that the ban on Turkish tomatoes would still continue so that Russian producers would not be harmed in the process of lifting that sanction.

Pointing out that Moscow will continue to require visas for Turkish citizens, Putin added that this could change depending on the intensity of cooperation between both countries' security forces.

Russian gov't withdraws warning against charter flights to Turkey

Russian Deputy Prime Minister Dvorkovich announced that Russia's Federal Air Transport Agency (Rosaviatsia) will withdraw warnings previously issued in April ordering airline companies to stop charter flights to Turkey.

"Regarding the warning issued to [Rosaviatsia], it will be withdrawn. In Turkey, the situation has been normalized following the referendum and the risks are gradually declining," said Dvorkovich.

He further added that Moscow needs to see more positive developments in terms of economic relations with Turkey.

Relations between Moscow and Ankara were frozen in November 2015 after Turkish jets downed a Russian Su-24 bomber near the Syrian border for violating Turkish airspace.

The crisis saw the beginning of economic sanctions against Turkey, including a ban of charter flights flying to Turkey.

In June, following the beginning of the normalization process between the two countries, President Putin ordered restrictions on travel be removed, including a ban on tour packages.

However, in April, Rosaviatsia made a controversial political decision to warn airline companies against sending charter flights to Turkey. This problem has been resolved, according to the deputy prime minister.

https://www.dailysabah.com/business...om-turkey-to-facilitate-visas-for-businessmen

 

[Attila the Hun]

Turkey's industrial production increases by 2.8 percent in March

Turkish industrial output was higher in March compared to the same month last year, according to official data released on Monday.

A report from the Turkish Statistical Institute (TurkStat) revealed that Turkey's calendar-adjusted industrial production rose by 2.8 percent year-on-year in March 2017.

The term "calendar-adjusted" is used to refer to data that has removed calendar and holiday-originated effects.

Among three sub-indexes compared with the same month last year, the mining and quarrying index suffered by 3.8 percent in March 2017, according to the report.

The electricity, gas, steam and air conditioning supply index and the manufacturing index surged by 7.7 percent and 2.5 percent, respectively, in the month compared to March last year, according to TurkStat.

The report also showed that the production level was also higher -- 1.3 percent -- in the month compared with the figure from April 2017.

"When the sub sectors of the seasonally and calendar-adjusted industrial sector [based on 2010=100] were examined, mining and quarrying index increased by 2.1 percent, manufacturing index surged by 1.6 percent, while electricity, gas, steam and air conditioning supply index decreased by 1.1 percent in March 2017, compared with previous month," TurkStat said.

According to a survey conducted by Anadolu Agency's Finance Desk on Friday, the median estimate for annual industrial production in 2017 stands at 2.5 percent.

"When the seasonally and calendar-adjusted main industrial groupings (MIGs) were examined, the largest increase was in durable consumer goods by 6.4 % in March 2017, compared with previous month," the institute said.

The production of intermediate goods was the second best performer among the main industrial groupings -- 2.7 percent -- from the previous month.

Turkey's industrial output is deemed as a vital indicator for economy as it is seen as a preliminary gouge for Gross Domestic Products (GDP) growth of the country, which estimated to be 4.4 percent in 2017 according to Medium-Term Program of Turkey's Development Ministry.

https://www.dailysabah.com/economy/...l-production-increases-by-28-percent-in-march

Turkish automotive exports up 12 percent in April, reach $2.3 billion

Exports in Turkey's automotive industry, the leading sector in total exports for the last 11 years, have increased by 12 percent and reached $2.3 billion in April.

According to the data released by the Uludağ Automotive Industry Exporters Union (OİB) Sunday, automobile exports, which totalled $968 million with an increase of 61 percent, helped increase overall exports in April.

The utomotive spare parts and accessories category came second with exports worth $735 million despite a 13 percent decrease, followed by pick-ups, vans, and lorries with $408 million and buses-minibuses with $140 million.

With the figures in April, automotive exports managed to exceed $2 billion level for the seventh month in a row, making up one-fifth of all exports.

Exports to Russia increased notably by 88 percent following the end of the diplomatic spat resulted from the Nov. 24, 2015 jet downing incident and the rapprochement between the two countries. Exports to the U.S., France, Italy, Israel and Iran increased by 50, 31, 30, 19 and 18 percent, respectively.

Automotive exports to the EU-28, which is also Turkey's largest export destination in general, increased by 15 percent and reached $1.8 billion, making up 78 percent of all automotive exports.

Germany was again the largest buyer of Turkish automotive exports with $348 million, followed by Italy with $290 million and France with $228 million. Exports to the Netherlands dropped by 25 percent.

https://www.dailysabah.com/automoti...ports-up-12-percent-in-april-reach-23-billion

 

[Attila the Hun]

Turkey and Germany target to double trade to 70 billion euros a year

Turkish Economy Minister Nihat Zeybekçi (L) speaks during a meeting with his German counterpart Brigitte Zypries (R) on May 8, 2017. (AA Photo)
Germany and Turkey discussed ways to revive their business ties on Monday after a period of strain in recent months.

Turkish Economy Minister Nihat Zeybekçi, speaking after meeting her German counterpart Brigitte Zypries, said that bilateral trade volume could double to 70 billion euros a year.

"That shows how much potential we have," he said.

Given the current trade volume and investments totaling 12 billion euros, Zypries said Germany was Turkey's most important business partner and Berlin was keen to expand business ties.

Germany asked Ankara to set reliable framework conditions to facilitate continued investment by German companies in Turkey.

"We need clear assurances about the legal securities," Zypries said. "The rule of law is a central requirement for the German government and German industry. Companies need reliable framework conditions to make investment decisions."

She told reporters that a joint economic commission was due to meet around the end of the year, and a German-Turkish energy forum was also to be reactivated.

Relations between the two countries plunged recently after German local authorities cancelled several events related to Turkey's April 16 referendum on constitutional change that Turkish government ministers had planned to address.

Nearly 3 million Turkish migrants live in Germany and around half are eligible to vote.

https://www.dailysabah.com/economy/...et-to-double-trade-to-70-billion-euros-a-year

 

[what]

Plastik poşete yasak yok ücret var

http://www.businessht.com.tr/ekonomi/haber/1488648-plastik-posete-yasak-yok-ucret-var

Plastic bags will no longer allowed to be free from 2019 on, thus fighting pollution and the current account deficit.

EDIT:

 

[-------]

Plastik poşete yasak yok ücret var

http://www.businessht.com.tr/ekonomi/haber/1488648-plastik-posete-yasak-yok-ucret-var

Plastic bags will no longer allowed to be free from 2019 on, thus fighting pollution and the current account deficit.

EDIT:

It's a bad time to be a plastic bag producer, eh..

 

[AnatolianEagle]

Turkey's crude steel output sees sharp increase

Crude steel production in Turkey totals 8.8 million tons in first quarter of 2017, according to World Steel Association.

The production of crude steel in Turkey increased sharply in the first quarter of the year, reaching 8.8 million tons, according to data from the World Steel Association on Monday.

The output increased by 14.1 percent year-on-year during the first three months of 2017.

Turkey maintained its position as the world’s eighth-largest crude steel producer out of 67 countries, accounting for about 2.13 percent of global output.

Veysel Yayan, secretary-general of the Turkish Iron and Steel Producers’ Association, said if the increase continues in the coming months, the country's crude steel production would reach 35.2 million tons for the year.

"This is a pleasing result but we could not compensate our loss last year," Yayan said.

Yayan said the output increase was due to an increase in exports despite a 10-percent decrease in domestic consumption.

In the first quarter of 2017, Turkey's crude steel export jumped by 20 percent, year-on-year, reaching 5.2 million tons, and in dollar terms it soared by 33.3 percent, year-on-year, to $3.4 billion, he said.

The import of crude steel declined in volume to around 21 percent or 4 million tons in the same period.

Global production of crude steel rose by 5.7 percent between during the first quarter of 2017 compared with the same period last year and totaled 410.5 million tons, according to the association’s data.

China retained its position as the world’s largest crude steel producer with 201.1 million tons -- almost half of total global output -- in the same period while Turkey was listed among the first 10 countries that increased its steel production the most.

Crude steel is an unrefined metal that is used in the construction industry.

http://aa.com.tr/en/economy/turkeys-crude-steel-output-sees-sharp-increase/813773

 

[Attila the Hun]

Turkish retail sales grow 2.1 percent in March

Turkish retail sales increased 2.1 percent in March compared to the previous month, boosted by a rise in electronics, furniture, textiles, clothing and footwear sales, the Turkish Statistical Institute (TurkStat) said Tuesday.

Electronic goods and furniture sales climbed 5.3 percent, textiles, clothing and footwear sales rose 4.6 percent, and medical goods and cosmetic sales were up 2.8 percent, the institute said in a statement.

Mail order and Internet sales rose 2.4 percent in March compared to the previous month.

In the same month, non-food (except automotive fuel) sales grew 3.6 percent, and automotive fuel sales climbed 2.7 percent, while food, drink, and tobacco sales fell 1.2 percent.

Calendar-adjusted retail turnover with current prices increased 13.9 percent in March 2017 compared with the same month last year, it added.

https://www.dailysabah.com/economy/2017/05/09/turkish-retail-sales-grow-21-percent-in-march

 

[Attila the Hun]

Turkey’s steel giant establishes joint venture with US company in metal recycling

Turkey’s Tosyalı Holding has announced that it has established a joint venture with American industrial giant Harsco Corp in metal recycling and slag sales at its steel facilities in the southern province of Osmaniye.

According to a written statement by the company on May 10, Tosyalı and Harsco, quoted in the NYSE, are preparing to contribute to the Turkish industry and economy by recycling the inactive slag which is stored in their iron and steel plants into value added products.

With this agreement with Tosyalı, Harsco has entered the Turkish steel manufacturing sector for the first time, read the statement.

“This agreement supports Tosçelik’s aim to become the first plant in Turkey to create a world class solution for metal recycling and wholesale,” said the company, adding that with its annual manufacturing capacity of over 50 million tons, Turkey is the second largest steel manufacturer in Europe after Germany.

Tosyalı Holding Chair of Fuat Tosyalı said that in addition to the disposal of slag, which is one of the fundamental problems of Turkish steel industry, they aim to benefit from American company’s experience of over 100 years for recycling this waste to be used again in the Turkish economy.

“With the success of this plant in Osmaniye, which will be an example project, we will continue to work with our partner to increase the number of slag disposal plants in other parts of our country,” Tosyalı added.

In addition, slag storage requirements will be minimized by recycling 1.2 million tons of slag annually, and by metal recycling and using aggregates as raw materials in road construction, cement and fertilizer production, said Tosyalı.

Being among the largest iron and steel industry suppliers with its experience of a century, Harsco Corp offers services as technology partner for a cleaner and productive metal manufacturing, according to the company’s release.

The company, which offers effective solutions to turn production waste streams into useful commercial use, currently operates in more than 30 countries.

http://www.hurriyetdailynews.com/tu...ling.aspx?pageID=238&nID=112946&NewsCatID=344

 

[OguzSenturk]

TAI's T-625 VIP helicopter partner ERTEX
http://www.ertexoto.com/

 

[AUz]

Mashallah seems like Turkish economy is picking up steam after few years of instability and internal political unpredictability.

Steel production, Industrial output, Auto-sector exports, retail sales etc etc are all increasing. With government investments and new infrastructural projects coming online, Turkey can achieve 4% to 5% growth rate within few years Inshallah!

 

[Zulkarneyn]

Mashallah seems like Turkish economy is picking up steam after few years of instability and internal political unpredictability.

Steel production, Industrial output, Auto-sector exports, retail sales etc etc are all increasing. With government investments and new infrastructural projects coming online, Turkey can achieve 4% to 5% growth rate within few years Inshallah!

Within 10-15 years i expect Turkey to pass Spain, Australia, Canada, South Korea and possibly Italy in GDP. Top ten in 2030 is certainly not without our reach. The dynamism of Turkish economy is evident.

 

[xenon54 out]

Within 10-15 years i expect Turkey to pass Spain, Australia, Canada, South Korea and possibly Italy in GDP. Top ten in 2030 is certainly not without our reach. The dynamism of Turkish economy is evident.

To be honest not with the current growth numbers.

 

[Mr.Department]

To be honest not with the current growth numbers.

EU expects that Turkey will grow 3% in 2017.

 

[xenon54 out]

EU expects that Turkey will grow 3% in 2017.

And this means we will surpass the said countries? Also dont forget the current inflation.

 

[Zulkarneyn]

And this means we will surpass the said countries? Also dont forget the current inflation.

When we compare those countries' growth rate and foresights for growth rates and Turkey, i think it is very feasible for Turkey to certainly pass countries like Spain, Canada and Australia within 15 years. Even right now we are close to their economies in nominal GDP. But it depends on political stability etc