1 / 20

Economic outlook of turkey

Discover the economic landscape of Turkey, including GDP growth, key sectors like construction and pharmaceuticals, trade data, and potential export opportunities. Learn about market dynamics, regulations, and the impact of the EU-Turkey Customs Union Agreement.

dianab
Download Presentation

Economic outlook of turkey

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Economic outlook of turkey Alexia Manousou, First Secretary for Economic & Commercial Affairs Consulate General of Greece in Istanbul -Office of Economic & Commercial Affairs

  2. Turkey at a glance • Population: 75,6mil. • 0-14 : 27,3%, • 15-64 :65,2 • 65+ : 7,5%(2012 est.) • Average age: 30years old • Urban population:70% • Major cities: Istanbul (12,9 mil.), Ankara (4,2 mil.), Izmir (2,7 mil.), Bursa (1,6 mil.) • 23,9 % of total consumption expenditure is done by households in Istanbul • Turkey’s west-east gap in revenues

  3. Economic Environment • GDP per capita 10.444 USD • GDP Growth (2011) 8,5% • GDP Growth (2012) 3% • Inflation 6,16% (Jan. 2013) • Unemployment 10,1% (Dec. 2012) • Total exports in 2012152,536bil. $ • Total imports in 2012 236,544bil. $ • Trade Balance deficit 84,008bil. $ • Current Account deficit. 7,3% of GDP • Unregistered economy: 32,1% • Exchange Rate Euro/TL 1/2,35

  4. Greek exports to Turkey 2011-2012 (Source: tuik)

  5. Sectors in Turkish economy • Food & Beverages • Construction & Building Materials • Energy – RES (New Law) • Pharmaceuticals – Cosmetics

  6. Food & Beverages • Since 1996: Customs Union Agreement EU-Turkey. Nevertheless, in some agricultural products Turkey imposes high tariffs • Examples: 102.6% wheat flour, cheese up to 180%, table olives-19.5% -31.2% olive oil, 38.5% honey, wines -50%, figs - 45.9%, citrus - 54%, grapes - 54.9%, watermelons - 86.4%, apples - 60.3%, 55.8% peaches. • Potential for: cocoa, chocolate - coffee - wine – frozen -biological - ready to cook or eat food - gourmet - health food products • VAT: 8% (1%).

  7. Beverages & Spirits - Chapter 22 Turkish Imports • High special consumption tax • VAT:18% • Duties for wine: 50%

  8. Construction sector • Dynamic sector – second worldwide • Represents 6% of the GDP of Turkey • About 100 contractors undertake 90% of the projects. • International presence: 2012: 33 t / construction companies included in "The World's Top 225 International Contractors" list. • Contracts in Turkmenistan, Ethiopia, Iraq, S.Arabia, Russia, Kazakhstan, Bosnia and Herzegovina, Morocco, Azerbaijan, etc.

  9. Construction sector (2) • Major projects underway: Istanbul – Izmir highway (roads, bridges), third Bosphorus bridge, satellite cities, large projects in Ankara (subway etc). 112 projects worth 8.96 billion dollars.: 16 dams, 49 hydropower stations, irrigation systems, water treatment and purification • Foreign companies undertake projects through joint ventures with Turkish counterparts (expertise ) • Opportunities in projects aiming at reducing energy costs - need for greater energy efficiency

  10. Building Materials • The building materials industry is the third largest in Turkey • Turkey produces and exports a variety of building materials: cement, ready-mix concrete, aerated concrete, steel pipe, glass, glazing, ceramic coating, ceramic sanitary ware, construction coatings, natural bubbles, raw marble, plastic window frames, plastic prefabricated elements, aluminum • Interest for Medium – High technology products Sectors: insulation, electrical equipment, piping, coatings, paints, radiators, aluminum material,

  11. Renewable Energy Sources • Lignite:appr. 10,000 MW Lignite firing power plants are in operation • Hydraulic Energy : 40% of the hydro capacity is in use, by means of 16,000 MW power plants which are in operation now. • Wind power: Only 1200 MW is used by 600 pieces of wind turbines. • GEOTHERMAL:: small part of this capacity is operation ( appr. 200 MW ) • Solar Energy: the used installed power capacity today is negligible due to the unit cost of PV power

  12. New Law for RES in Turkey • INCENTIVES FOR RENEWABLE ENERGIES IN TURKEY:

  13. Pharmaceuticals • 16th worldwide in terms of production • significant lack of R& D and high dependence on imports. • 300 companies • 20 companies hold 66% market share • The pharmaceutical market includes 23,000 pharmacies and 500 drug stores

  14. Imports of pharmaceuticals in Turkey

  15. Imports of pharmaceuticals in Turkey (2) • Imports of raw materials and semi-finished products: 25% of total imports • Big amount of original drugs imported while generics are produced mostly domestically • No import duties for EU • Registration by Turkish natural / legal persons • Requirements: certificate of conformity (Ministry of Health), certificate of good manufacturing practice (GMP) - Delays

  16. Cosmetics • 170,000 products • 1,435 local companies • The 1/3 of the market for hair care products • Interest in natural products • in sunscreens, men’s skin care and baby care products • Imports of chapter 33 exceed 1 billion. $

  17. CosmeticsImports from Greece • In 2009, the share of Greek exports accounted for 0.44% of total Turkish imports whereas in 2012 it increased to 1.02%. • The last 4 years Greek exports increased by 314%.

  18. Thank you for your attention Embassy of Greece in Ankara -Office of Economic & Commercial Affairs : ecocom-ankara@mfa.gr Consulate General of Greece in Istanbul -Office of Economic & Commercial Affairs: ecocom-istanbul@mfa.gr Website : www.agora.mfa.gr

More Related