|
Overview of monthly data
|
YTL-Rates |
01.11. |
30.11. |
Change
in % |
|
YTL per
Euro |
1.8577 |
1.9202 |
3.36 |
|
YTL per
USD |
1.4632 |
1.4550 |
-0.56 |
|
|
|
|
|
|
Stock
exchange index |
36,924.86 |
38,066.89 |
3.09 |
|
|
|
|
|
|
Inflation in % |
Monthly
inflation |
Annual
inflation |
|
|
Producer
prices |
-0.29 |
11.67 |
|
|
Consumer
prices |
1.29 |
9.86 |
|
External trade figures
| Export |
November |
| Export
(in billion USD) |
8.63 |
Economic growth
|
Growth rate
(%) |
| |
1.
Quarter |
2.
Quarter |
3.
Quarter |
4.
Quarter |
Annually |
| 2000 |
4.2 |
5.4 |
7.2 |
7.8 |
6.3 |
| 2001 |
-3.3 |
-12.3 |
-9.1 |
-12.3 |
-9.5 |
| 2002 |
0.6 |
10.4 |
8.0 |
11.8 |
7.9 |
| 2003 |
7.4 |
3.6 |
5.6 |
7.2 |
5.9 |
| 2004 |
13.9 |
15.7 |
5.7 |
6.6 |
9.9 |
| 2005 |
7.5 |
4.7 |
8.0 |
10.0 |
7.6 |
| 2006 |
6.3 |
8.5 |
3.0 |
|
|
Slow-down in economic growth
The growth rate of gross national product of Turkish economy (GNP) has been realized as 3% in the third quarter. It is estimated that the fluctuations in May was effective on this slow-down. In the first nine months of the year, GNP has grown by 5.7%.
|
Sector (%) |
3rd Quarter |
First 9 Months |
|
Agriculture |
-2 |
-1.2 |
|
Industry |
6.4 |
7.3 |
|
Construction |
20 |
20.1 |
|
Commerce |
3.7 |
5.9 |
|
Transportation, Communication |
0.9 |
3 |
|
Financial
Institutions |
1.5 |
0.7 |
|
Residence
Ownership |
2.2 |
2.1 |
|
Self
Employment and Service |
3.4 |
4.2 |
|
State Services |
1.9 |
1.9 |
|
Non-profit
organizaqtions |
0.2 |
0.7 |
|
Importation
Tax |
3.2 |
10.4 |
Turkey: Energy opportunity for EU
In the action plan prepared during World Economic Forum (WEF) Summit in Istanbul, it was emphasized that Turkey is not a risk for European Union. On the contrary, it is a risk mitigating element. It was stressed that Turkey could mitigate the long-term risks of Europe in terms of energy independence, could meet its need for increased labor force and prevent economic recession. Underlining that Turkey contributed in the regional combat against terrorism, the EU was recommended to reinforce its relations with Turkey as an opportunity not to be missed.
Historical record in exports
According to the figures announced by Turkey Exporters Assembly (TIM), the record of the Republican Era has been broken on the both a monthly and annual basis. The exports for November increased to USD 8.6 billion with an increase of 43.3 % over the same period of the last year. As of November, annual exports increased to USD 84.4 billion, with an increase of 15.81%. Minister of State Kursat Tuzmen stated that new records can be achieved with emphasis on machinery production and industrial products, and said, “the figures reached today indicate that we will embrace USD 100 billion in 2008.”
Average life expectancy in Turkey reaches 71.3 years, according to TUIK issued data.
According to the data of TUIK for 2005, average life expectancy for men increased to 68.9 and to 73.8 for women. Therefore the average life expectancy has increased to 71.3 years.
| |
2000 |
2004 |
2005 |
| Roads km |
61,090 |
61,814 |
61,939 |
| Highways km |
1,773 |
1,892 |
1,775 |
| Railroads km |
8,671 |
8,697 |
8,697 |
| Automobiles (per 1000 people) |
65,2 |
75,9 |
78,1 |
| Telephone (per 1000 people) |
271 |
266 |
261 |
| TV (per 1000 people) |
439 |
534 |
600 |
Current Account deficit for 2006 will increase to over USD 30 billion
Abdullatif Sener, the Minister of State and Deputy Prime Minister stated that the current target deficit, USD 22 billion for 2006, would exceed USD 30 billion due to growth, increase in crude oil prices and the decrease in tourism revenues. The following figures were expected: 6% growth, income per capita USD 5,349, exports amounting to USD 88 billion, imports of USD 135.5 billion, and a Consumer Price Index increase rate of 9.8%. Minister Sener said that they had projected the realization of public debt stock to GDP to drop to 48.3 and the unemployment rate to 10.1%.
Customs Union quadruples foreign trade deficit
The total foreign trade volume, which has reached USD 367 billion within the 11-year term between 1985-1995, has increased 1,211 billion dollars with an increase of 230% in the 11 years of application of the Customs Union with Europe.
|
|
1985-1995 |
1996-2006 |
Change (%) |
|
Exports |
145.2 |
465.6 |
220.7 |
|
Imports |
221.4 |
745.4 |
236.7 |
|
Foreign Deficit |
-76.2 |
-279.8 |
267.2 |
|
Foreign Trade |
366.6 |
1.211.0 |
230.3 |
|
Exp/Imp % |
65.6 |
62.5 |
-3.1 |
Unemployment rate is realized as 9.1%
This year in August, the unemployment rate according to the quarterly moving averages was 9.1 %.
|
|
2005 |
2006 |
|
Non-institutional civilian population |
71,736 |
72,724 |
|
Population of 15 years of age or older (000) |
50,938 |
51,770 |
|
Labor force(000) |
25,219 |
25,622 |
|
Employment(000) |
22,838 |
23,279 |
|
Unemployed |
2,381 |
2,343 |
|
Rate of participation in labor force |
49.5 |
49.5 |
|
Rate of employment |
44.8 |
45.0 |
|
Rate of unemployment |
9.4 |
9.1 |
|
Non-agriculture unemployment |
12.8 |
12.0 |
|
Unemployment in youth population |
18.2 |
17.5 |
|
Under employment |
3.1 |
3.4 |
|
Under employment in youth population |
4.0 |
4.1 |
|
People, who are not included in labor force(000) |
25,719 |
26,148 |
Foreign capital is coming in, yet risk premium is too high
Dogan Cansizlar, the Chairman of the Capital Market Board stated that the current deficit, up-coming presidential elections and the EU process constituted risks, saying, “a foreign capital, amounting to USD 55-60 billion is coming in, yet the risk premium is too high." Cansizlar said Turkey "received money over digestible capacity,” adding, “if we had not issued warnings for YIMPAS, today the number of victims would be 1 million instead of 400,000." Unemployment rate is realized as 9.1%
This year in August, the unemployment rate according to the quarterly moving averages was 9.1 %.
Producer prices dropped 0.29 % in November
While inflation increased by 1.29% on the basis of consumer prices, a decrease of 0.29 % in producer prices has occurred. The decrease in producer prices came as a surprise and occurred mainly due to the decrease of prices in the manufacturing industry. Despite the increase of 1.29%, consumer inflation remained in single digits namely at 9.86%. Despite the decrease in November, the annual producer price increase is currently 11.67%.
Turkey as the new address of European capital
Alo Kazlowski, Chairman of TUSIAD International, stated that Hungary and Poland had started to lose their importance and said, "the great market we constitute make us attractive." Turkey will be the new address of European capital.” Stating that one must consider the recommendation of the EU commission to suspend negotiations with Turkey on 8 titles, Kazlowski said, "This will give us more time to make better judgments."
Industry has grown 6.3 % in 9 months
Industrial production has increased by 5.8% in the 3rd quarter of the year compared to the same period of the previous year. This rate falls below the increase of 9.4% in the second quarter and is well above the increase of 4.5% in the 3rd quarter of 2005. It is calculated that the increase in production between July-September will influence the growth by 1.5%. The growth in industrial production in the first 9 months has become 6.3%.
|
|
Negotiations have been suspended for eight titles
In reply to the EU, which has warned that negotiations with Turkey could be suspended in November if its ports are not opened to Greek Cypriot ships, Turkey stated that the isolations against TRNC had to be removed first for the opening of ports. However, according to the new resolution, adopted in the meeting of the EU Ministers of Foreign Affairs, the EU negotiations have been suspended for 8 titles. The removal of isolations, against TRNC will be discussed in January 2007. No calendar has been set for the opening of ports and airports by Turkey. However an observation report will be prepared in 2007, 2008 and 2009.
Pope’s visit to Istanbul
The President of the Vatican and Spiritual Leader of the Catholic world Pope Benedict XVI, said, “half of my heart remained in Istanbul. I believe that the visit will allow two religions to understand each other better." In the foreign press, it was emphasized that the visit of the Pope, which began under a pessimistic atmosphere, concluded well.
Mobius: Maintenance of your secularism is more important than EU Membership
Marc Mobius, the director of famous Templeton fund, stated that he did not consider a train accident likely in the negotiation process. He said, in case of such accident, EU would suffer more damage than Turkey. Stating that he did not consider EU relations as the most critical issue for Turkey, Mobius said, "your EU journey is more important than the target you are going to reach.” Emphasizing that the protection of secularism was more important than relations with EU, Mobius said, concerning the current deficit, "It does not matter as long as there is confidence. I do not expect crisis." |
|
25 % of Dogan TV acquired by German Axel AG
Dogan Group is to sell 25 % of the shares of Dogan TV, a subsidiary, including Kanal D and Star television channels, to Axel Springer AG; the largest private media giant of Germany for EUR 375 million. RTRB had not allowed the sale of the shares in question to Deutsche Bank for USD 150 million. In September Dogan Group purchased Star TV, offered for sale by SDIF for USD 306.5 million, and increased the number of subsidiaries of Dogan TV.
Cankiri miracle
Cankir, one of the poorer and migration source provinces of Turkey, is experiencing an investment boom this year. The amount of investments, subject to incentives, has reached YTL 621 million in the first 10 months of the year, an increase of 39 times. With respect to the amount of investment, Cankiri has ascended to 9th position from 65th position. Chairman of Cankiri Chamber of Industry, Cengiz Ericekli stated that they had seen the consequences of inclusion under incentive programs and he said “we expect the real boom in tourism in the future." High amounts of domestic and foreign investments are expected in Ilgaz Yildiztepe, which possesses the longest ski course of Turkey. It is reported that in particular the Germans are interested in the area.
Foreigners come for health industry
The expectation that the procurement of health services from the private sector by the state and the public social security institutions would increase further, has accelerated investments in this field. The number of new investors making investments in this field is also increasing. The construction of new facilities of groups such as Acibadem, Medicana and Universal continues. Arabian investors aim to make investments by finding domestic partners in Turkey. American Houston Methodist and Cleveland Clinic have made attempts to make health investments for the first time in Turkey. General Electric has established a fund for investments in this field.
Lefaxx will sell the jeans, produced in Sivas in Europe
Lefaxx Jeanwear, which has added momentum to the textile sector with its facility for the production of jean skirts and trousers and which aims exports of USD 1,300,000, provides employment for 450 workers. In addition, it has started a chain of stores in the main capitals of Europe. Yaþar Öner, Chairman of the Board of Directors, explained that the reason for the establishment of the second plant in Sivas was the inclusion of Sivas among the provinces subject to incentives.
Eurohypo, achieved 3-year goals in 1 year
Cenk Arson, the Turkey representative of Eurohypo, a subsidiary of Commerzbank, which is one of the largest German banks, stated that they had issued loans totaling USD 560 million for 5 estate projects in Turkey within the last year and therefore when they achieved theýr 3-year target in 1 year, they had raised the limit to USD 1.2 billion.
Quality of service will also increase with the foreign capital
Cemal Ererdi, General Manager of AXA OYAK, stated that the share of the foreigners in insurance sector had reached 57% and that some foreign companies are still holding talks for the acquisition of companies. Ererdi stated that this foreign invasion would have serious effects on the insurance industry and that competition would increase.
New endeavors of Kirklareli in wine production
Kirklareli, known as the city of vineyards in the past, returns to its old days with new endeavors in grape production. Preparations are underway for the establishment of a grape facility with an annual production capacity of 700 tons. Ali Korur, the chairman of Kirklareli Grape Producers Union, said that they are in control of an area of 4,500 m2 and that production would be made in a covered area of 700 m2. Korur stated that wine, hardaliye (a low alcohol drink made of grape juice and mustard), pectin and fruit pulp would be produced in the facility. |
