Consumer confidence index falls by 0.2 points in December

Posted by meb at January 17th, 2013

According to data released by the Turkish Statistics Institute (TurkStat) on Wednesday, the consumer confidence index fell by 0.2 percent in December, down to 89 points.
The data, which is prepared by TurkStat in cooperation with the Central Bank of Turkey, review the current purchasing power of consumers as well as consumers’ estimated purchases in the future. The favorability of the existing period for purchases of durable consumer goods is also included. The fall in the index is a result of worsening consumer evaluations. The largest fall was seen in the current purchasing power category.

The index was 89.2 points in November. In December, the purchasing power index also fell to 84.9 from 86.3 compared to the previous half. The responses of participants in the survey were sufficiently positive to push the general economic forecast index for the coming three months up from 86.3 in November to 86.6 in December.

The expectations of survey takers regarding the possibility of finding jobs in the next six months also rose from 90.4 percent in November to 91.3 percent in December.

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Contractors pin hopes on gov’t for repayment of debts in Libya

Posted by meb at November 3rd, 2011

Turkish contractors, long unable to receive payments for projects in an unstable Libya, woke up Wednesday with renewed hope as Economy Minister Zafer ÇaÄŸlayan arrived in Tripoli to discuss a solution for the problem with the country’s new rulers, the National Transitional Council (NTC).

Following months of heavy fighting against dictator Muammar Gaddafi, NTC fighters gained full control of Libya last month. Turkish construction companies that have the largest share of Turkish investments in Libya had to suspend projects following the national unrest.

Companies have failed to receive payment for projects — estimated at around $1.5 billion — they had completed prior to the uprising. (more…)

Posted in Business World, Comments & Analysis, Real Estate, Sectoral Reports| No Comments | 

Libya rush should start urgently, minister says

Posted by meb at November 3rd, 2011

Turkish construction companies should rush back to Libya, their one-time top market, as the government is ready to support them, according to Economy Minister Zafer Çağlayan.

“Our businessmen demand a special customs permit to take their machinery and equipment to Libya,” the minister said during a press meeting yesterday in Tripoli with his Libyan counterpart.

A business assembly of 200 people accompanied the minister during the one-day visit.

Turkish companies undertook $7.627 billion worth of projects in Libya in 2009 and 2010, according to official data.

Upon Turkish Prime Minister’s order, Turkey will build schools, mosques, police stations, courts and jails in Libya, the minister said. (more…)

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Turkey’s trade deficit widens to record highs

Posted by meb at November 3rd, 2011

Turkey’s trade deficit widened to a record level in September compared with last year, official figures published yesterday show.

Skyrocketing current trade deficit and a low domestic savings ratio in the growing economy raise concerns about the country’s dependency on import products and booming demand, according to professionals.

The trade deficit was $10.4 billion in September, the biggest gap recorded, compared with $6.7 billion on September last year and $8.2 billion the previous month, according to figures published by Turkey’s Statistical Institute (TÜİK). Measures taken by Turkey’s Central Bank have thus failed to reduce the trade gap in September, an economist told the Hürriyet Daily News.

Turkey might have already experienced the “peak” in its trade deficit by last month, and it might take a few months for the Central Bank’s steps to show their effect on the economy, Erol KatıcıoÄŸlu, a professor at Istanbul Bilgi University, told the Daily News yesterday. (more…)

Posted in Comments & Analysis, Economic Indicators, Export & Import| No Comments | 

Turkey’s e-commerce grows at rapid pace

Posted by meb at November 3rd, 2011

The total revenue earned through online payments increased by 52 percent to 16.9 billion Turkish Liras in the year’s first nine months compared to the same period last year, according to data released yesterday.

“Almost one in every five people in Turkey now shops online,” said Soner Canko, general manager of the Interbank Card Center (BKM), speaking at Cardist 2011 International Card and Smart Technologies Exhibition & Summit held in Istanbul. He said Turkey ranked among the biggest markets in Europe regarding online commerce. The number of Internet transactions jumped 37 percent in the first three quarters compared to the same period in 2010, reaching 91.4 million transactions. (more…)

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Turkey should renew 8 million houses in 20 years

Posted by meb at November 3rd, 2011

The number of buildings needing to be renewed in Turkey over the next two decades is estimated to be 8 million, according to a chief construction sector representative.

“The renovation of 8 million dwellings over the next 20 years will generate an annual value of 28 billion Turkish Liras for the Turkish economy and the employment of 1 million people,” Tahir TellioÄŸlu, chairman of the Construction Contractors Federation (TÄ°M-FED), said in a recent interview. (more…)

Posted in Real Estate, Sectoral Reports, Tenders & IPOs| No Comments | 

Iraqi governor invites more Turkish investors

Posted by meb at October 25th, 2011

Baghdad could cooperate with Turkish companies in all fields, according to the Iraqi capital’s governor Salah Abdul-Razzaq.

Speaking at the inauguration of the “Turkish-Iraqi Trade Summit” in Istanbul on Tuesday, Abdul-Razzaq said that Iraq allocated $30 billion for new projects in 2011 and this figure would go higher next year.

Iraq is among the 10 countries in the world with most needs for public works. As such, there is a need for investments worth billions of dollars in Iraq.

Iraq presents highly important opportunities for investors, Abdul-Razzaq said. “We can cooperate with Turkish companies in Baghdad in many diverse fields. Turkish companies make quality production at prices lower than those of Europe. We regard Turkish companies closer to us than others. We want to see Turkish companies in infrastructure, tourism and telecommunications fields in Iraq.”

Posted in Financial markets, Foreign Investments| No Comments | 

Philips may revisit Turkey for growth

Posted by meb at October 25th, 2011

Philips is seeking double-digit growth in Turkey, according to a top executive. The Dutch company is planning to relaunch manufacturing in the country.
Multinational Dutch company Philips is aiming for aggressive growth in the robust Turkish market, according to the top executive of the Turkish branch of the company, who noted that Phillips is considering joint ventures and acquisitions in Turkey to achieve its goals.

Philips might consider restarting manufacturing in Turkey due to “tremendous change” in global economic stability in recent years, said Willem Rozenberg, chief executive of Philips Turkey & Caucasus, speaking to the Hürriyet Daily News in an interview on Thursday. Founded in Istanbul in 1930, the company manufactured a wide range of products in Turkey until 2008. Talking about the future plans of the company, Rozenberg said, “The company might return to Turkish with an industrial presence in some form.” (more…)

Posted in Foreign Investments, Industry & Insurance| No Comments | 

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