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Analysis

Pipelines in the sky: Plenty of plans, but so far little action
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While Turkey’s vital role as a hydrocarbons transit corridor will one day be a reality, which pipeline projects get off the ground remains to be seen. Of all the contenders competing to take gas from Azerbaijan’s Shah Deniz II reservoir via Turkey, only the Trans Adriatic Pipeline (TAP) and Nabucco West remain. The Shah Deniz Consortium plans to make a final selection between the two by June 2013,…

Analysis

Revisiting old territory: A renewed interest in using coal to fire power plants
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In its search for new ways to meet the surging demand for energy, Turkey has focused on oil, gas and even nuclear power, overlooking one of its most plentiful resources: coal. In an effort to reconfigure its energy portfolio and become more energy independent, Ankara is restructuring its electricity sector, and coal figures to play an increasingly important role in the years ahead. Between 2001 and…

Analysis

Steel support: Metals production climbs with exports playing a central role
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In 2012 metals and metal products were Turkey’s fourth-largest export industry after automotives, chemicals, and textiles and ready-to-wear. Indeed, by 2011 the sector had already reached an all-time high in crude steel production, of 34.1m metric tonnes (MT), while it has long since regained and surpassed the output levels it had before the global downturn. Aluminium output is also high, with the…

Analysis

Urban transformation: Taking steps to prepare for an earthquake
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The urban centres of Istanbul and many secondary cities around Turkey are set for a dramatic transformation, as major districts are rebuilt, historic areas renewed and new cities founded. This presents opportunities for the construction sector, even as the magnitude of developments makes it crucial for the government to be transparent and establish clear rules. The most recent impetus for the current…

Analysis

Taking another look: Stepping up efforts in exploration and production
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Long viewed as a critical transit state on one of the world’s most active energy corridors, Turkey is now searching for hydrocarbons at home and abroad. Per capita energy consumption is still about half that of Europe, but increased wealth means that Turkey is one of the world’s leading growth markets. Demand for energy is rising 6% each year, second only to China and far outstripping the EU’s…

Analysis

Targeting changing markets: Declining European economies are affecting the direction of exports
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Given that exports accounted for around 20% of Turkey’s GDP in 2012 – a good year for export growth – it is clear that the country’s overseas traders are clearly a vital part of its economy. Industry is a major contributor to exports, with manufacturing a particularly vital component of Turkey’s export picture. Yet challenges remain, particularly in boosting the contribution to value-added.…

Overview

Emerging power: Recent changes, both internally and externally, suggest the country is set to gain greater regional and international influence
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Prime Minister Recep Tayyip Erdoğan’s government is undertaking a bold resolution process that could remake domestic politics and enhance its foreign policy clout When the bodies of three ex-members of the outlawed Kurdistan Workers Party (PKK) were found in a Paris office, the real target appeared to be a fledgling resolution process thousands of miles away in Turkey. Just days after the government…

Overview

Turning the page: Significant development has occurred over the last decade
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Many have hailed Turkey’s notable development performance over the past decade, and for good reason. The country averaged 5.1% growth between 2003 and 2012, one of the highest rates in the world. This was accompanied by drops in joblessness and poverty, as well as gains in school enrolment, home-ownership and life expectancy. Furthermore, in November 2012, the republic received its first investment-grade…

Overview

Looking ahead: The sector is ready for growth after coming through the economic crisis relatively unscathed
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The banking sector looked to be starting a maturing process in 2013 as it continued to record solid growth without overheating. Amid abundant global liquidity, a moderate revival of global growth and improving domestic confidence, lending grew at an annualised rate of 16% in the first two months of 2013, roughly matching the pace of growth in 2012, according to the Banking Regulation and Supervision…

Overview

Soft landing: Growth continues at a slower pace, although more needs to be done to improve industrial competitiveness
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With an impressive record of rapid and resilient economic expansion, Turkey looks to the future with confidence in uncertain times. Since 2001 real growth has averaged more than 5% a year, an extraordinary rate for a middle-income country that imports most of its raw materials. A young and mobile population provides a natural tailwind to growth, while a high level of diversification in terms of products…