Turkey drew $15.9 billion in direct international investment in 2011, according to the World Investment Report issued by the United Nations Conference on Trade and Development (UNCTAD) yesterday. The investments increased 75.7 percent when compared to 2010, said Secretary-General Ozlem Ozyigit of the International Investors Association of Turkey (YASED). YASED discloses the report in Turkey on behalf of UNC ...

Turkey's tourism revenues down by 9.7 pct in Q1 Turkey's tourism revenues dropped by 9.7 percent in the first three months of 2012 compared to the same period of last year. Turkish Statistical Authority, TurkStat released on Friday tourism figures for the Q1 of 2012. Accordingly, tourism incomes were 2.79 billion U.S. dollars and tourism expenses were 759 million U.S. dollars in the first three months of 20 ...

It has been reported that  Turkey grew 8.5 percent in 2011 despite global problems. On the contrary to troubled economies such as Greece and Spain Turkey showwing a consistent development, recorded a growth of 8.5 percent in 2011. Turkey's economy expanded by 5.2 percent in the fourth quarter of last year, as gross domestic product growth for the whole of 2011 reached 8.5 percent. It is said that  the polit ...

Turkey's tractor manufacturing increased 56.2 percent to 62,750 in 2011, which was a record high production rate in this sector. Tractor manufacturing was 40,178 in 2010, according to figures of Association of Agricultural Equipment & Machinery Producers. The manufacturing figure had been the highest in 1998 with 61,868. It dropped to 10,840 in 2002 due to global economic crisis. Turkey manufactured 29, ...

Foreign tourists spend 723 million euros in Turkey, brits take the lead Foreign tourists spent a total of 723 million Euros in the period from September to December 2011, according to the Visa Europe Mediterranean Countries Tourism Report. British tourists spent the most in Turkey with 103.8 million Euros, followed by Russians (69.2 million Euros), Americans (64.6 million Euros), Germans (56.8 million Euros ...

At $77.8 billion, Turkey’s year over year current account deficit registered a 65 percent increase from 2010 largely due to the big increase in the foreign trade deficit, according to Central Bank data released yesterday Turkey’s 2011 current account deficit increased by a substantial 65.3 percent from 2010 reaching $77.8 billion, an approximately $30.5 billion increase from the $46.6 billion last year . Me ...

Due to factors like the hike in the special consumption tax in 2011, the rise in car prices, and the increase in interest rates, car sales see a sharp drop in January Automobile and light commercial vehicle sales in Turkey for January fell 34.2 percent compared to a year earlier, according to the Automotive Distributors Foundation (ODD). The total number of automobiles and light commercial vehicles sold in ...

Higher costs in house loans are pushing the demand down, a report says.Turkey’s construction sector grew by 10.6 percent in the third quarter of last year, reaching a total volume of 15 billion Turkish Liras, according to data of the leading construction association of the country released yesterday. One of the strongest engines of the country’s economy, the construction sector growth in the second quarter ...

A hike in energy consumption is mainly responsible for the energy-dependent country’s trade deficit that surpassed $105 billion last year. Turkey’s total energy imports last year stood at $54 billion, figures say Turkey’s 2011 trade deficit exceeded $105.8 billion, an all-time high, with a 47.7 percent jump from a year earlier, mainly due to increasing energy consumption. The trade deficit in December stood ...

Turkey enjoys positive economical indicators achieved in 2011 showing its unavoidable rise to become the shining star of Europe (and the world) by 2023. In fact, the government officials have announced that the export target for 2012 is forecasted as US$ 149 billion with an increase of approximately 10 percent as compared to US$ 132 billion in 2011. When we look at the economies in Europe particularly, we c ...

In the past (not until long ago) Turkey was only regarded as a loyal ally of the USA and known not to be very active in the world in terms of political issues. It was so to say a humble and low-profile player. After Erdoğan and his team started to take office, things have changed gradually and many opinion leaders have soon started to notice the world was to address a global player from then on. To comply w ...

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 ...

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 ...

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 ...

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 ...

Reserved assets of CBRT have increased by 7.5 percent in the last ten months to reach 92 billion 420 million dollars as of end October 2011. The Central Bank of Turkey is considered to have displayed a successful performance during the global crisis as well as recently. The foreign exchange reserves in the bank's possession also proves this statement. This observation is based on the report that "reserved a ...

We believe the data down below would be convenient to provide an opinion to anyone who would like to have a swift look at what has been happening in the Turkish economy, recently. Our preference has been not to go into details (which can certainly be acquired at below links) to make it least boring for the visitor. The interested parties can go into further depth concerning topics they would be interested i ...

Based on data provided by Ministry of Economy, employment for 9,101 people are foreseen in return for 263 263 investment incentive certificates granted in October 2011. It is reported that said investments focus on agriculture, mining, manufacturing, services and energy sectors. In October 2011, the amount of fixed investments realized  totalled upto TL 3. 098 billion and employment  opportunities for 9,101 ...

Turkish Economy Minister Zafer Çağlayan said that Turkey's export would reach 135 billion USD by the end of 2011. "Our export is 120 billion USD between January 1 and November 24, 2011", said Çağlayan who spoke at a conference organized by Saudi Arabian National Commerce Bank (NCB) in İstanbul on Friday. Çağlayan said that NCB was one of the most important and meaningful investments of Saudi Arabia in Turke ...

In a poll of ‘Who Should Be TIME's Person of the Year 2011?’ conducted by Time Magazine, Prime Minister Recep Tayyip Erdoğan may very well place first. Over the past two to three days, Erdoğan’s votes have reached 61,404 placing him in first place ahead of the likes of popular footballer Leo Messi. Every year, Time magazine asks for readers' input on who influenced the news most, for better or worse and sho ...

Turkey has attracted 10 billion 900 million dollars worth of international direct investments in the past nine months. Economy Minister Zafer Çağlayan said foreign companies have been showing increasing interest in Turkey, despite the financial crisis in Europe. According to figures, most investments were made by companies operating in the EU, while banking and insurance sectors stood out with investments t ...