INDUSTRIAL PRODUCTION In September, industrial production increased well above expectations. According to Turkstat, in September industrial production increased by 12% compared to the same month of the previous year, well above expectations. This rapid increase could be attributable to the convergence of  the  economic activity which lost momentum in previous month due to Ramadan  back  to its trend. In Sep ...

Turkey is considered to have one of the best developing economies in the world recently. Istanbul on the other hand has grown to be one of the giant metropoles in Europe – and the world. A great majority of industrial and economic activities that take place in Turkey are in Istanbul and thus this megapole is called the economic and business capital of Turkey. The Turkish government which has shown a very br ...

The economic crisis in the European economies this year has pushed advertising expenditures down sharply, while the trend in Turkey has been exactly the opposite. Turkey does not only grow faster than European countries, but it is also outstripping the old continent in advertisement expenditures, according to the Advertisers Association. Nevertheless, significant growth might slow down in the second half, s ...

Turkey’s rapid economic growth admired and praised by the country’s private sector has not been reflected in the minimum wage yet, according to representatives of the Turkey’s leading labor unions demanding an increase of the wage to 1,000 Turkish Liras. “Turkey’s economic growth has not been reflected in the minimum wage,” Serkan Öngel, director of Research at the Confederation of Revolutionary Trade Union ...

Growth may accelerate in the coming months as demand picks up with the removal of obstacles for foreigners who want to purchase property in Turkey. Despite a slight slowdown in growth in the third quarter, the Turkish construction sector is still achieving double digit growth, according to the Association of Turkish Building Material Producers’ (İMSAD) latest report. İMSAD expects there to be a further incr ...

Turkey could cease chemical imports -- expected to reach $2 billion this year -- from France amid an ongoing political dispute with that country, Murat Akyuz, head of the Turkish Chemical Sector Platform (KSP), told Today's Zaman on Monday in Istanbul, adding that the French side had confused political issues with bilateral trade. Akyuz was speaking at a press meeting where he evaluated the latest developme ...

A new joint investment by Turkey's leading carbon fiber producer, Aksa, and America's Dow Chemical Co. at a total value of $1 billion in the western province of Yalova is expected to strengthen the country's hand in global carbon fiber markets and make it a strategic provider of carbon fiber products, participants at a press conference to announce the investment in İstanbul on Tuesday stated. Observers char ...

The pricing dispute between the government and drug manufacturers was resolved, according to the country’s Social Security Institution (SGK). The SGK has pulled back the much debated price cut on 120 vital drug types and said the Health Ministry will also increase the prices of 100 other drugs, according to Murat Karaşen, general manager of the body. The ministry increased a subsidy on drugs from 4 percent ...

The Turkish aluminium industry has been booming since 2002. Production levels, domestic sales and imports and exports have been continuously rising. The expansion of important consuming industries such as the automobile industry and housing construction, and the demand for semi-finished and finished aluminium products for the packaging industry as well as electric household devices have been influential fac ...

The Defense Ministry's budget was taken up in Parliament on Dec. 13 and the new one has been fixed at TL 18.2 billion for the 2012 fiscal year, marking a 7.4 percent increase over 2011. The Turkish Ministry of Defense budget has been fixed at TL18.2 billion for the 2012 fiscal year, marking a 7.4 percent increase over 2011. The Defense Ministry budget will make up 1.3 percent of the gross domestic product ( ...

Turkey's unemployment rate dropped to 8.8 percent in the three months to October from 11.3 percent in the same period last year, official data showed on Thursday. The number of jobless fell by 536,000 people to reach almost 2.4 million on a 12-month comparison, the statistics institute said on its web site. Turkey's economy has staged a spectacular recovery from the global crisis, growing 8.9 percent in 201 ...

TOKİ has become a source of inspiration for Iraq, which is in need of at least 2.5 million residences by the year 2016. Iraq’s Construction and Housing Deputy Minister Istabraq İbrahim Al Shouk states that they consider Turkey’s Administration of Housing and Development as an example for their own model of construction. While Iraq embarks upon expediting the reconstruction program in Iraq following the Sadd ...

The improvement in the Turkish economy displays a consistent movement as Europe struggles to work out some major problems of its members such as Greece, Italy (and hopefully not Italy and France in the close future). The AK PARTY government headed by PM Erdoğan seems to have proved they have displayed a succesful performance so far in terms of economy administration. To verify this observation, TurkStat Tur ...

Nearly 200 Turkish companies will attend Heimtextil Fair in Germany which will be held between January 11 and 14, 2012. Heimtextil is one of the biggest home textile fairs of the world and it is held every year in Frankfurt city. Nearly 2,600 stands had been opened in 2011's fair which hosted 73,000 visitors. Turkey had opened 156 stands in the fair. Meanwhile, Suleyman Kocasert, executive board chairman of ...

Turkey will participate in Fruit Logistica Fair in Germany as the "partner country" for the first time. International fruit and vegetable trade fair, Fruit Logistica, is considered as one of the most important fairs of the world and is held in Berlin every year. The fair will take place between February 8 and 10, 2012. A total of 2,452 companies from 84 countries participated in 2011 fair which hosted 56,00 ...

Turkey’s top business group and the IMF issue harsh warnings on the Turkish economy, which could be in for a shock due to a large current account deficit As eurozone leaders started a “make or break” summit in Brussels yesterday, the Turkish economy received stark warnings about a possible spillover from the ongoing debt crisis. The International Monetary Fund (IMF) on Dec. 7 predicted economic growth of ju ...

The Central Bank of Turkey on Tuesday announced a 1.73 percent rise in the consumer price index (CPI) for November and predicted that the figures on the index will continue to increase in December. Turkey's annualized inflation rate of consumer prices increased from 7.66 percent in August to 9.48 percent in November, and economists say double-digit inflation is now almost certain by year-end. According to t ...

Year-end current account deficit expectation up to 75.1 bln USD The year-end current account deficit projection was up to 75.1 billion USD, according to expectation survey of the Central Bank of Turkey. The bank made public the results of its first expectation survey in December 2011 and said the year-end current account deficit forecast rose to 75.1 billion USD. It was around 74.5 billion USD in the previo ...

Kuwaiti Ambassador to Turkey Abdullah Al-Duwaikh said on Thursday that Kuwaiti people were expecting Turkey to pass a law that would enable foreigners to buy immovables in Turkey as they had great interest in Turkey as a tourism destination. "There are more than 300 people whom I know in person that want to buy real estates in Turkey," al-Duwaikh told AA correspondent in an exclusive interview. Al-Duwaikh h ...

A leading Turkish consultancy and investment company has entered the healthcare sector by investing in Istanbul Cerrahi Hospital in cooperation with a firm from a Gulf state. The hospital aims to attract patients from the Middle Eastern and Turkic countries who travel to the United States for medical treatment, Bülent Göktuna, the head of Mineks International, said during a press conference yesterday in Ist ...

Turkish automotive firm breaks all-time sales record Turkey’s Ford Otosan has broken an all-time sales record in 2011, the general manager of the automotive company said yesterday. Nuri Otay said 2011 would be a year of records in production, export and domestic sales. “We sold 12,064 vehicles in November and our market share, which was 15.6 percent throughout the year, rose to 18 percent in November,” Otay ...

REAL ESTATE .. PROPERTY .. HOUSES FOR SALE IN THE TURKISH AEGEAN REGION Turkey which is considered to be the new shining star of tourism currently has an abundant number of unexplored beauties on all three shores of the country. Besides prominent places like Bodrum, Marmaris, Dead Sea, Alanya there are others still unexplored such as SIGACIK , a most peaceful summer holiday resort on the Aegean coast of Tur ...

Several U.S. companies will hold talks in Turkey till December 9. A U.S. delegation consisting of representatives of 17 companies headed by Francisco J. Sanchez, U.S. Under Secretary of Commerce for International Trade, will hold talks in Turkey regarding business opportunities with Turkish companies. The delegation will hold talks in Turkish capital of Ankara today, in western province of Izmir on Wednesda ...