Nurhak40
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it seems in Turkey sometimea 2nd hand cars are more expensive i dont know why
Turkish Economy - News & Updates
- Thread starter Zulkarneyn
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Turkish shares hit all-time high as lira gains ground
Turkey's benchmark stock index hit its highest level of all times by climbing to 110,409.43 points during the afternoon session on Monday.
Borsa Istanbul's BIST 100 index closed last week at 109,755.14 points and it started Monday at 110,175.25 points with a 0.38 percent hike.
The BIST 100 has been performing on an upward trend in recent months and posted its highest close at 109,781.13 points on Aug. 7.
Since the beginning of the year, the index has increased by over 40 percent.
According to analysts, the record-breaking performance of Turkey's benchmark stock index was supported by the fall of the USD/TRY exchange rate and occurred while the European stock exchange markets were also in a downward trend.
In the meantime, the Turkish lira continued to gain ground against the U.S. dollar, after falling to a historic low in the beginning of 2017.
The U.S. dollar/Turkish lira exchange rate saw its historic high in mid-January this year, climbing to around 3.94 Turkish liras.
One dollar was traded for 3.4442 at 3 p.m. local time (1200GMT) Monday, compared with 3.4590 at Friday’s close.
http://aa.com.tr/en/economy/turkish-shares-hit-all-time-high-as-lira-gains-ground/895587
Turkey's benchmark stock index hit its highest level of all times by climbing to 110,409.43 points during the afternoon session on Monday.
Borsa Istanbul's BIST 100 index closed last week at 109,755.14 points and it started Monday at 110,175.25 points with a 0.38 percent hike.
The BIST 100 has been performing on an upward trend in recent months and posted its highest close at 109,781.13 points on Aug. 7.
Since the beginning of the year, the index has increased by over 40 percent.
According to analysts, the record-breaking performance of Turkey's benchmark stock index was supported by the fall of the USD/TRY exchange rate and occurred while the European stock exchange markets were also in a downward trend.
In the meantime, the Turkish lira continued to gain ground against the U.S. dollar, after falling to a historic low in the beginning of 2017.
The U.S. dollar/Turkish lira exchange rate saw its historic high in mid-January this year, climbing to around 3.94 Turkish liras.
One dollar was traded for 3.4442 at 3 p.m. local time (1200GMT) Monday, compared with 3.4590 at Friday’s close.
http://aa.com.tr/en/economy/turkish-shares-hit-all-time-high-as-lira-gains-ground/895587
T-123456
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Turkey’s foreign trade deficit up by 82.5 percent
Turkey’s foreign trade deficit increased by 82.5 percent in July compared with July 2016, according to official data.
The provisional data, produced with the cooperation of the Turkish Statistical Institute and the Ministry of Customs and Trade and made public on Aug. 29, showed Turkey’s exports were $12.64 million last month with a 28.3 percent increase and imports were $21.49 billion dollars with a 46.2 percent increase compared with July 2016.
In July, foreign trade deficit was $8.84 billion with an 82.5 percent increase compared with July 2016.
Seasonally and calendar adjusted exports decreased by 1.6 percent while imports increased 5.3 percent compared with previous month. Calendar adjusted exports and imports increased by 16.5 percent and 25.1 percent, respectively compared with July 2016.
As compared with the same month of the previous year, exports to the EU-28 increased by 18.2 percent from $5.065 billion to $5.99 billion. The proportion of the EU countries was 47.4 percent in July exports while it was 51.4 percent in July 2016.
In July, the main partner country for exports was Germany with $1.21 billion. The country was followed by UAE with $1.098 billion, the United Kingdom with $811 million and Iraq with $773 million.
Last month, the top country for Turkey’s imports was China with $2.13 billion. The country was followed by Germany with $1.83 million, Russia with $1.8 billion and the U.S. with $1.38 billion.
Foreign trade by technology intensity covers the manufacturing industries’ products in classification of ISIC Rev.3. According to the ISIC Rev.3, the ratio of manufacturing industries products in total exports was 94.7 percent in July. The ratio of high-technology products in manufacturing industries was 2.9 percent.
The ratio of medium-high-technology products in manufacturing industries’ products was 34.7 percent.
The ratio of manufacturing industries’ products in total imports was 83.8 percent. The ratio of high-technology products in manufacturing industries’ products was 13.9 percent, while the ratio of medium-high-technology products in manufacturing industries’ products was 38.3 percent in July.
August/29/2017
http://www.hurriyetdailynews.com/tu...cent.aspx?pageID=238&nID=117310&NewsCatID=344
Yeah,the future looks bright.
Turkey’s foreign trade deficit increased by 82.5 percent in July compared with July 2016, according to official data.
The provisional data, produced with the cooperation of the Turkish Statistical Institute and the Ministry of Customs and Trade and made public on Aug. 29, showed Turkey’s exports were $12.64 million last month with a 28.3 percent increase and imports were $21.49 billion dollars with a 46.2 percent increase compared with July 2016.
In July, foreign trade deficit was $8.84 billion with an 82.5 percent increase compared with July 2016.
Seasonally and calendar adjusted exports decreased by 1.6 percent while imports increased 5.3 percent compared with previous month. Calendar adjusted exports and imports increased by 16.5 percent and 25.1 percent, respectively compared with July 2016.
As compared with the same month of the previous year, exports to the EU-28 increased by 18.2 percent from $5.065 billion to $5.99 billion. The proportion of the EU countries was 47.4 percent in July exports while it was 51.4 percent in July 2016.
In July, the main partner country for exports was Germany with $1.21 billion. The country was followed by UAE with $1.098 billion, the United Kingdom with $811 million and Iraq with $773 million.
Last month, the top country for Turkey’s imports was China with $2.13 billion. The country was followed by Germany with $1.83 million, Russia with $1.8 billion and the U.S. with $1.38 billion.
Foreign trade by technology intensity covers the manufacturing industries’ products in classification of ISIC Rev.3. According to the ISIC Rev.3, the ratio of manufacturing industries products in total exports was 94.7 percent in July. The ratio of high-technology products in manufacturing industries was 2.9 percent.
The ratio of medium-high-technology products in manufacturing industries’ products was 34.7 percent.
The ratio of manufacturing industries’ products in total imports was 83.8 percent. The ratio of high-technology products in manufacturing industries’ products was 13.9 percent, while the ratio of medium-high-technology products in manufacturing industries’ products was 38.3 percent in July.
August/29/2017
http://www.hurriyetdailynews.com/tu...cent.aspx?pageID=238&nID=117310&NewsCatID=344
Yeah,the future looks bright.
Last edited:
what
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Since most of it is because of oil/gas import, heavily investing in renweables is the only way forward. We're not nearly at our renewables potential.
Every fucking roof in cities like Antalya, Adana or Mersin should have PV.
Every fucking roof in cities like Antalya, Adana or Mersin should have PV.
Deliorman
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@what Do you think Germany, Japan, South Korea etc are also not importing Oil and Natural gas worth billions every year too? What about the other Developing countries like China, Taiwan, Poland? I find it really funny when all so called economy experts in the country talk how Turkey's trade deficit is so big only because of the money we spend on energy. Bigger world economies import resources in much bigger numbers than Turkey yet they don't have such huge trade deficit many of them even have trade surpluses. Turkey's trade deficit is there because the country doesn't produce enough added value products, that's it.
The developed countries I mentioned above are not really resource rich (except for probably Germany that has huge coal reserves in the Rurh area but imports most of the oil and gas from Russia and the North Sea countries) but have highly qualified work force, great education systems that produce very well educated people, working industries that produce everything from chocolate and milk to computers and heavy machinery that is exported throughout the whole world. Those are countries with great infrastructure and many corporations with world wide reach and importance- Samsung, Sony, Siemens, Mercedes Benz, Toyota, Hyundai and many many more. Countries with a working judicial systems. Countries that have been devastated by WWII and the Korean war but which managed to be world leaders again or for the first time.
Take South Korea for example (Germany and Japan were highly industrialized countries and Great powers since the end of the 20th century)- after the end of the Korean war the country was destroyed and divided in two. People were even poorer than in Africa and the huge majority of people were illiterate and living with agriculture. Yet that country managed in less than two generations to create world brands and to become a high tech indrustrial power- all that with huge investments in education, lot's of discipline and creating good enviroment for every local entrepreneur. The governments of South Korea are the ones who helped those companies to grow into huge multionational companies, they are ones who encouraged the local industries to produce everything the country needs(no matter if they are going to steal the design, copy it or buy a license for it). And you see the results.
Let's compare that to Turkey- a country that has a bad education system that doesn't produce many engineers and scientists but produces more and more theologists every year. And that is encouraged by the government that probably thinks that with praying in the mosque 5 times a day they will achieve the Turkey 2023 vision that is nothing else but a mirage and a fairy tale for the masses. A country where people finish school but are badly educated, a country where the personel is mostly non qulified. Turkey is also a country with a bad judicial system, where coruption is something normal and is being encouraged, where the justice system works slow and ineffective... a country where you are a king if you have the right connections and it doesn't really matter how intelligent or good of a professional you are to get the job- it's important to be someone's relative or to be just a loyal member of the Party that is on the top. Turkey is a country where you only hear the politicians talking about the huge airports, about the investments in infrastructure, about developing the industry of the country and how many foreign investors invested their money in Turkey. Even though "invested" in most cases just means that a bunch of Arabs and Russians just brought homes and hotels in the country and that other foreigners brought some Turkish private companies or stakes in Turkish banks, mobile operators, energy companies etc. In other words selling Turkey's assets is called foreign investments in the country.
We will continue to hear about the huge trade deficits for a long time because no matter how much tomatoes, cucumbers and hazelnuts you produce you will never export enough to be equal to a million cars or ten million smart phones etc. All those are things that need some brain power and engineering to produce and create as a brand... A thing that won't happen with bulding more and more mosques instead of more and better schools.
The developed countries I mentioned above are not really resource rich (except for probably Germany that has huge coal reserves in the Rurh area but imports most of the oil and gas from Russia and the North Sea countries) but have highly qualified work force, great education systems that produce very well educated people, working industries that produce everything from chocolate and milk to computers and heavy machinery that is exported throughout the whole world. Those are countries with great infrastructure and many corporations with world wide reach and importance- Samsung, Sony, Siemens, Mercedes Benz, Toyota, Hyundai and many many more. Countries with a working judicial systems. Countries that have been devastated by WWII and the Korean war but which managed to be world leaders again or for the first time.
Take South Korea for example (Germany and Japan were highly industrialized countries and Great powers since the end of the 20th century)- after the end of the Korean war the country was destroyed and divided in two. People were even poorer than in Africa and the huge majority of people were illiterate and living with agriculture. Yet that country managed in less than two generations to create world brands and to become a high tech indrustrial power- all that with huge investments in education, lot's of discipline and creating good enviroment for every local entrepreneur. The governments of South Korea are the ones who helped those companies to grow into huge multionational companies, they are ones who encouraged the local industries to produce everything the country needs(no matter if they are going to steal the design, copy it or buy a license for it). And you see the results.
Let's compare that to Turkey- a country that has a bad education system that doesn't produce many engineers and scientists but produces more and more theologists every year. And that is encouraged by the government that probably thinks that with praying in the mosque 5 times a day they will achieve the Turkey 2023 vision that is nothing else but a mirage and a fairy tale for the masses. A country where people finish school but are badly educated, a country where the personel is mostly non qulified. Turkey is also a country with a bad judicial system, where coruption is something normal and is being encouraged, where the justice system works slow and ineffective... a country where you are a king if you have the right connections and it doesn't really matter how intelligent or good of a professional you are to get the job- it's important to be someone's relative or to be just a loyal member of the Party that is on the top. Turkey is a country where you only hear the politicians talking about the huge airports, about the investments in infrastructure, about developing the industry of the country and how many foreign investors invested their money in Turkey. Even though "invested" in most cases just means that a bunch of Arabs and Russians just brought homes and hotels in the country and that other foreigners brought some Turkish private companies or stakes in Turkish banks, mobile operators, energy companies etc. In other words selling Turkey's assets is called foreign investments in the country.
We will continue to hear about the huge trade deficits for a long time because no matter how much tomatoes, cucumbers and hazelnuts you produce you will never export enough to be equal to a million cars or ten million smart phones etc. All those are things that need some brain power and engineering to produce and create as a brand... A thing that won't happen with bulding more and more mosques instead of more and better schools.
KediKesenFare3
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Every country has specific problems and needs. In case of Turkey, our problem is indeed related to our energy imports.
Some users are happy to post every bad economy related news from Turkey. Still this is just self-deception. The truth is more difficult and complex than posting some selected articles from the internet be it either good or bad news.
For instance, last March Turkey’s current account deficit shrunk to $3.1 billion, a $666 million fall compared to the same month last year.
The current situation:
1. The balance of trade (≠ current account deficit) has stagnated (-0,8%) in the first 6 month of this year compared to the same time period last year.
2. The TRY gained value against USD.
3. The number of tourists (income of foreign currency) in the last few months has doubled.
4. Our economy is growing.
If you take all of these factors into account, our current account deficit will possibly remain at the same level as the previous year. However, due to the economic growth and slightly more valuable Lira, our current account deficit could decrease if Mr. Erdogan is right and Turkey grows more than 7% in the second quarter but this remains to be seen.
http://www.finansgundem.com/haber/erdogan-yuzde-7lik-bir-buyume-bekliyoruz/1226254
Since 2011, Turkey's current account deficit to GDP is shrinking.
@Deliorman
Your knowledge of Germany is very incorrect.
Germany is an energy exporting country and @what has a valid point.
Germany exported 55,5 terawatt hour (!) electricity in 2016 (thanks to renewable energy investments).
https://de.statista.com/statistik/d...e/stromimportsaldo-von-deutschland-seit-1990/
For comparison: Turkey's overall electricity consumption was 278 terawatt hour in 2016.
http://www.enerji.gov.tr/tr-TR/Sayfalar/Elektrik
Just like Germany, Japan is heavily investing in RE.
https://www.bloomberg.com/news/photo-essays/2017-07-13/japan-s-renewable-energy-revolution
Germany's "Wirtschaftswunder" (economic miracle) is in fact not a real miracle. 80-85% of the German productive capacity remained intact after the WW II. Even the rail network was not severely destroyed. Don't forget the Marshall Plan etc. etc.
https://de.wikipedia.org/wiki/Wirtschaftswunder#Ausgangssituation
Some users are happy to post every bad economy related news from Turkey. Still this is just self-deception. The truth is more difficult and complex than posting some selected articles from the internet be it either good or bad news.
For instance, last March Turkey’s current account deficit shrunk to $3.1 billion, a $666 million fall compared to the same month last year.
The current situation:
1. The balance of trade (≠ current account deficit) has stagnated (-0,8%) in the first 6 month of this year compared to the same time period last year.
2. The TRY gained value against USD.
3. The number of tourists (income of foreign currency) in the last few months has doubled.
4. Our economy is growing.
If you take all of these factors into account, our current account deficit will possibly remain at the same level as the previous year. However, due to the economic growth and slightly more valuable Lira, our current account deficit could decrease if Mr. Erdogan is right and Turkey grows more than 7% in the second quarter but this remains to be seen.
http://www.finansgundem.com/haber/erdogan-yuzde-7lik-bir-buyume-bekliyoruz/1226254
Since 2011, Turkey's current account deficit to GDP is shrinking.
@Deliorman
Your knowledge of Germany is very incorrect.
Germany is an energy exporting country and @what has a valid point.
Germany exported 55,5 terawatt hour (!) electricity in 2016 (thanks to renewable energy investments).
https://de.statista.com/statistik/d...e/stromimportsaldo-von-deutschland-seit-1990/
For comparison: Turkey's overall electricity consumption was 278 terawatt hour in 2016.
http://www.enerji.gov.tr/tr-TR/Sayfalar/Elektrik
Just like Germany, Japan is heavily investing in RE.
https://www.bloomberg.com/news/photo-essays/2017-07-13/japan-s-renewable-energy-revolution
Germany's "Wirtschaftswunder" (economic miracle) is in fact not a real miracle. 80-85% of the German productive capacity remained intact after the WW II. Even the rail network was not severely destroyed. Don't forget the Marshall Plan etc. etc.
https://de.wikipedia.org/wiki/Wirtschaftswunder#Ausgangssituation
what
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@Deliorman manufacturing and services exports are growing slowly but steady. Cutting energy imports in the meantime is the easiest solution to the current account deficit.
Investing in renewables means a) investments in the country b) less imports of fossil fuels.
@KediKesenFare You're not wrong, but what your second graphic is not showing is the decline of the the gas and oil prices, if you adjusted it to that, I bet our current account deficit wouldnt be as small (compared to GDP) as it is right now.
Investing in renewables means a) investments in the country b) less imports of fossil fuels.
@KediKesenFare You're not wrong, but what your second graphic is not showing is the decline of the the gas and oil prices, if you adjusted it to that, I bet our current account deficit wouldnt be as small (compared to GDP) as it is right now.
KediKesenFare3
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Current account deficit, including energy since the decline of oil prices
Current account deficit of Turkey, excluding energy imports
The situation is mixed.
LordTyrannus
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Akp did a fast and furious growth with a construction bubble. Many shiny roads with very few traffic. Because turkey lacks proper interior otomotive market. Just a few turks buy new cars build in turkey by foreign conglomerats. They buy second hand german, japanese cars. Mostly out of state service.
Yatağanlı
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What?
LordTyrannus
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Turkish economy is based on consumer debt and imported consumer goods. Even household goods are imported. Science is on an all time low. Many scientists got sacked. AKP peasants replaced them.
Erdogan wants to funel the last state funds into the channel istanbul project. A true crazy move which will bury the turkish economy for many decades to come.
Turks are way too smart for the modern bussiness world. Many western economy experts wonder about such naivity.
Yatağanlı
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Again, what?
LordTyrannus
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Go have some yeni raki. Economy is beyond your horizon.
Turkey has the biggest disadvantage by her low skilled labor force and uneducated population. This is the price turkey must pay now for 80 years of brutal kemalist white turks supression against the sunni muslim majority.
