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Today you are receiving our
latest newsletter about recent economic and political developments in
Turkey.
We would like to hear your
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Best
regards,
Your FMCon Team
Newsletter April 2006
|
|
Overview of monthly data
|
YTL-Rates |
31.3. |
1.5. |
Change
in % |
|
YTL per
Euro |
1.6289 |
1.6586 |
1.8 |
|
YTL per
USD |
1.3492 |
1.3218 |
-2.0 |
|
|
|
|
|
|
Stock
exchange index |
42,941.70 |
43,880.43 |
2.2 |
|
|
|
|
|
|
Inflation in % |
Monthly
inflation |
Annual
inflation |
|
|
Producer
prices |
1.94 |
4.96 |
|
|
Consumer
prices |
1.34 |
8.83 |
|
(Dünya/DIE 31.3./4.5./1.5.06)
Foreign trade figures
|
Export |
April |
Mai
2005 - April 2006
|
|
|
Export (in Billion USD) |
6.4 |
75.4 |
|
|
(Dünya, 2.5.06) |
| |
März
|
|
|
In Million
USD |
2005 |
2006 |
Increae in
% |
|
Export |
6,592 |
6,975 |
5.8 |
|
Import |
10,196 |
11,189 |
9.7 |
|
Deficit |
-3,604 |
-4,214 |
16.9 |
|
(www.die.gov.tr)
|
The
export of last twelve months was able to record an increase of 9.8%, but the
export performance of some basic sectors, such as textiles, went down. In April
the vehicle and supplier sectors led with an export of 1.26 billion USD,
followed by textiles with 1.02 billion USD. (Dünya,
29.3.2006)
Increase
of consumer prices in main expense groups
The unexpectedly high increase of consumer prices in April has awakened fears
that the target inflation of 5% in 2006 may not be attained. A breakdown of
inflation in main expense groups is as follows:
|
|
Average
in 12 months
|
Share
in total expenses in %
|
|
Total
|
8.11
|
100.00
|
|
Food and non alcoholic beverages
|
5.61
|
27.68
|
|
Alcoholic beverages and tobacco
|
21.51
|
5.62
|
|
Clothing and shoes
|
1.83
|
8.28
|
|
Real estate
|
10.34
|
16.29
|
|
Furniture and household appliances
|
5.64
|
6.89
|
|
Health
|
1.74
|
2.54
|
|
Transportation
|
12.77
|
10.48
|
|
Communication
|
2.28
|
4.55
|
|
Entertainment and culture
|
5.81
|
3.63
|
|
Education
|
10.45
|
2.41
|
|
Hotels and restaurants
|
14.34
|
6.74
|
|
Other goods and services
|
8.77
|
4.89
|
(Dünya,
6.5.2006)
EU
recognized Turkak for CE accreditation
With the recognition of Turkak by EU as an accredited institution, the problems
in CE application which have persisted for four years should be removed. As the
certification of those laboratories will be internationally accepted, Turkish
exports will not have to work with foreign certification institutions to
substantiate the CE mark. (Dünya, 10.4.2006)
New investments amounting
to 17.3 billion USD are expected
According to a compilation of the company Raymond James,
Turkey
’s having attracted foreign investments of 9.7 billion USD in 2005 (in gross
figures) should bring direct investments of up to
33.8 billion USD in 2006. 16.5 billion USD of this are agreed amounts in
2005 and the new investments below, amounting to 17.3 billion USD, should be
added to it.
|
Investment
target
|
Share
in %
|
Value
in Mil USD**
|
|
Akbank*
|
25
|
3,987
|
|
Denizbank*
|
50
|
1,324
|
|
Sekerbank*
|
52
|
335
|
|
Tekstilbank*
|
50
|
156
|
|
Alternatif*
|
50
|
243
|
|
Oyakbank
|
50
|
940
|
|
Adabank
|
100
|
50
|
|
Tekel
|
100
|
1,300
|
|
Izmir
Hafen
|
Licence
|
1,000
|
|
Petkim
|
54
|
530
|
|
State
lottery “Milli Piyango”
|
Licence
|
750
|
|
Seker
Fabrikalari
|
100
|
600
|
|
Goltas
|
30
|
150
|
|
Gaziantep
Cimento
|
100
|
128
|
|
Electricity
distribution
|
Licence
|
4,000
|
|
Iskenderun
port
|
Licence
|
80
|
|
Eregli
Demir Celik
|
20
|
1,200
|
|
Mey
Icki
|
55
|
500
|
|
|
Total
|
17,273
|
*Current
market value
**
Value of foreign direct
investment
(Dünya,
10.4.2006)
Social security reform
encounters resistance from unions
After the passing of the law which unites three social security institutions:
SSK, Bagkur and Emekli Sandigi under one roof, the reform should be completed
with the draft bill by raising the employment and premium payment period from
7,000 to 9,000 days. The opposition leader Baykal considers this increase in the
employment period as not complying with the realities of
Turkey
and the unions KESK, DISK, TMMOB have both heavily criticized the law and
announced actions against it. (Dünya,
19./20.4.2006)
Tax exemptions of free
trade zones should be extended
The draft bill for the extension of tax exemptions (corporate and income tax) in
free trade zones until 2019 is being discussed in parliament. Should the draft
be accepted, tax exemption limited until 2008 should continue to exist until
2019. (Dünya,
13.4.2006)
|
|
Expansion of strategic
partnership with
Athens
At the southeast Europe cooperation meeting of heads of state in
Thessaloniki
, the Greek and Turkish Prime Ministers met and described the cooperation both
countries have achieved as a strategic
partnership. The advances in trade and the cooperation in the energy sector were
emphasized. The intention is to increase the trade volume between two countries,
which was 1.1 billion USD in 2005, to 5 billion USD. (Dünya, 5.5.06)
Rice asked
Turkey
not to enter
Iraq
The Los Angeles Times announced that during her visit in Turkey US Secretary of
State Condoleezza Rice gave to understand she would not welcome a single-handed
effort of
Turkey
in
Iraq
. She did also not make any clear promise concerning a stronger
US
action against the PKK in
Northern Iraq
. Nevertheless, she curbed the
ambitions of
Turkey
for military cross-border actions. (Dünya 27.4.06)
Three main arguments
which should make
Turkey
EU member by 2014
The analyst of European Stability Initiative Institute, Verena Ringer, stated
that
Turkey
will become an EU member by 2014 at the latest. Only an expanded Europe with
Turkey
could bring the necessary stability to the region, which will come from three
main areas: the expansion of EU borders as far as the Caucasus and the Middle
East, the attraction of an economically developed and democratic
Turkey
and the positive impacts of
Turkey
on the energy policy of EU. (Dünya 10.4.06)
|
|
The fourteen largest
enterprises in
Turkey
Forbes magazine has listed the
largest 2,000 publicly traded joint stock companies in the world by taking the
market value, sales, earnings and assets into consideration. Among the following
14 Turkish enterprises listed there, Türkiye Is Bankasi had the highest ranking
with rank 319:
Nr. 319, Turkiye
Is Bankasi
Nr. 523, Sabaci Holding
Nr. 531, Akbank
Nr. 654, Koc Holding
Nr. 952, Turkiye Garanti Bankasi
Nr. 978, Turkcell
Nr. 1.049, Tupras
Nr. 1.258, Dogan Holding
Nr. 1.304, Yapi Kredi Bankasi
Nr. 1.367, Finansbank
Nr. 1.417, Erdemir
Nr. 1.657, Petrol Ofisi
Nr. 1.756, Global Yatirim
Nr. 1.812, Enka
(Dünya, 10.4.2006)
15 Turkish holdings
obtained together 18% of GNP
The leading 15 industry- and trade enterprises of
Turkey
have obtained together 18% of GNP in 2005 and employ approximately 255,000
people:
|
Group/Enterprise
|
2005 consolidated turnover in Mil. Euro
|
Share in GNP 2005
|
|
Koç
|
15,033
|
5,01
|
|
Sabancı
|
8,780
|
2,92
|
|
Doğan
|
6,052
|
2,02
|
|
Ülker
|
5,396
|
1,8
|
|
Turkcell
|
3,704
|
1,23
|
|
Zorlu
|
3,580
|
1,19
|
|
Anadolu
|
2,364
|
0,79
|
|
Eczacıbaşı
|
2,125
|
0,71
|
|
Ciner
|
1,605
|
0,54
|
|
Borusan
|
1,605
|
0,54
|
|
Yaşar
|
1553
|
0,52
|
|
Boydak
|
1,251
|
0,42
|
|
Boyner
|
525
|
0,17
|
|
Bayraktar
|
392
|
0,13
|
|
Alarko
|
136
|
0,05
|
|
Total
|
54,101
|
17,99
|
(Dünya,
27.4.2006)
The
ten largest banks of
Turkey
According to balance sheet assets of 2005 Ziraat Bankasi, Isbank and Akbank were
again the largest banks of
Turkey
:
|
Rank
2005
|
Rank
2004
|
Bank
|
Total
Assests
(YTL)
|
|
1
|
1
|
Ziraat
Bankası
|
65,050,166
|
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