Category: Economy

Turkish factory comes to China’s aid in COVID-19 fight

A local factory in Turkey has halted normal production to make antibacterial suits to aid in China’s fight against the coronavirus. The factory in Amasya, northern Turkey, started mass producing the suits for sale earlier this month after China issued a call for help in meeting the rising demand in the country. The factory, which […]

Turkey expects $15B foreign direct investments in 2020

Turkey’s treasury and finance minister said the country expected to attract $15 billion in foreign direct investment this year. The Turkish Lira should become a competitive currency as regional risks continue, Berat Albayrak said at the press meeting in Istanbul. Underlining that Turkey is a “producing, exporting” country, he said: “Regional risks were here yesterday, […]

Italian firms enjoy investing in Turkey: Survey

Some nine out of every 10 Italian companies are pleased to invest in Turkey, according to a Rome-based institution’s research. 87% of firm representatives, participating in the survey, recommend the Turkish market to other companies, according to the Centre for International Politics Studies’ (CeSPI) survey, released late Monday during a press conference in the capital […]

Turkey sees 1.35M house sales in 2019

Nearly 1.35 million houses were sold in Turkey last year, the country’s statistical authority announced on Wednesday. House sales dropped by 1.9% or 26,669 units in 2019, compared to the previous year, according to the Turkish Statistical Institute (TurkStat) data. Nearly 511,700 houses were sold for the first time while the remaining were second-hand sales […]

Turkey’s gold production breaks record in 2019

Gold production in Turkey broke a record in 2019 to reach its highest level in the history of the Turkish Republic, according to a statement by Turkish Gold Miners Association (AMD) on Thursday. Turkey first started producing gold in 2001 when output was 1.4 tonnes. That level climbed steadily to reach a then record high […]

Turkey earned $322M in bridge, highway tolls in Jan-Nov

Turkey earned over 1.8 billion Turkish liras (some $322 million) in tolls from two bridges on the Istanbul Strait as well as roads in the first 11 months of this year, the Turkish Highways Directorate said on Wednesday. Some 419 million vehicles went through the toll booths this January-November. The July 15 Martyrs’ Bridge and […]

Turkish residential property sales jump 54% in Nov.

The number of residential properties sold in Turkey surged 54.4% year-on-year in November, the country’s statistical authority said Tuesday. A total of 138,372 houses changed hands last month, up from 89,626 last year, Turkish Statistical Institute (TurkStat) data showed. Housing sales to foreigners slipped significantly in the month. “House sales to foreigners totaled 3,988, decreasing […]

Turkey gets $350M in funding for efficiency investments

Over 50,000 Turkish households availed of $350 million in funding energy efficiency in buildings and equipment through a lending program jointly developed by several clean finance institutions, the European Bank for Reconstruction (EBRD) announced Tuesday during a meeting. The EBRD, the European Union, and the Clean Technology Fund (CTF) under Climate Investment Funds (CIF) developed […]

Turkish investors aim to increase trade with Iran

Turkish businesspeople attending a meeting of the Iranian Business Council in Tehran said Sunday they are aiming to significantly increase the trade volume between Turkey and Iran. Nail Olpak, chairman of Turkey’s Foreign Economic Relations Board (DEIK), said the goal was to increase the trade volume from $9.5 billion to the level of $30 billion […]

Turkey: Nearly 143,000 houses sold in October

Turkey saw 142,810 house sales in October with an annual drop of 2.5%, the Turkish Statistical Institute (TurkStat) said on Monday. “Istanbul had the highest share of house sales with 17.1% and 24,451 houses,” TurkStat said in a statement. The capital Ankara and the Aegean province of Izmir followed Istanbul with 13,978 and 9,012 house […]

Passenger traffic at Istanbul Airport surpasses 40M

The Istanbul Airport welcomed over 40 million air passengers since its opening last year, Turkey’s transport and infrastructure minister said Monday. A total of 252,795 flights (63,856 domestic and 188,939 international) have taken off and landed at the airport, said Cahit Turhan. He added the construction of the third parallel runway spread across 76.5 million […]

Istanbul home market sees $21 bln in sales in 2018

Some 234,055 houses were sold in Istanbul, Turkey’s largest and wealthiest city, last year with a total transaction value of 120.6 billion Turkish Liras (around $20.7 billion), a report by the Real Estate Stock Exchange (GABORAS) said. In 2017, the city saw a total of 238,383 property sales with a total worth of 101.7 billion […]

Turkey: Nearly 147,000 houses sold in September

Turkey saw 146,903 house sales in September with an annual increase of 15.4%, the Turkish Statistical Institute (TurkStat) said on Wednesday. “Istanbul had the highest share of house sales with 15.8% and 23,265 sold house,” TurkStat said in a statement. The capital Ankara and the Aegean province of Izmir followed Istanbul with 14,906 and 8,830 […]

Turkey’s hazelnut exports leap 75% in September

Turkey’s hazelnut exports jumped 75% in the first month of the season — September — vice president of the Black Sea Hazelnut and Products Exporters’ Union said. “Around 46,000 tons of hazelnut is exported in a month,” Dursun Oguz Gursoy told Anadolu Agency, adding: “If we continue with this pace, we can export 310,000 tons […]

Turkey attracts over 31M foreign visitors in 8 months

Turkey welcomed more than 31 million foreign visitors during the first eight months of this year, according to new data released by Culture and Tourism Ministry on Monday. The number of foreigners visiting the country soared 14.7% in the January-August period on an annual basis, according to the data. The Mediterranean resort city of Antalya […]

Istanbul Economy Summit expecting $1B business volume

The third Istanbul Economy Summit, to be held this Dec. 5, is expected to create a business volume of some $1 billion, according to analysts. The major business and economic conference will bring in more than 500 local and foreign investors from 10 countries. Speaking at a press conference at Ciragan Palace in Besiktas, on […]

Turkish economy: Total turnover up 12.6% in July

Turkey’s economy saw an annual hike in total turnover in July, the nation’s statistics authority announced Monday. “Calendar adjusted total turnover index including industry, construction, trade and services sectors increased by 12.6% in July 2019 compared with the same month of the previous year,” Turkish Statistical Institute (TurkStat) said. The index jumped most with 23% […]

Turkish Central Bank lowers interest rates 325 bps

The Turkish Central Bank on Thursday lowered its one-week repo rate 325 basis points. The bank’s policy rate — also known as the one-week repo rate — fell from 19.75% to 16.50%. The decision came in a statement from the bank’s Monetary Policy Committee (MPC) meeting — the sixth of eight meetings scheduled for 2019. […]

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