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Strong strategies, good growth: As banks expand their financial practices, the sector benefits
OBG
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While some peers have struggled following the global economic crisis, Turkey’s banks have grown rapidly in recent years. Moreover, they remain healthy, liquid and well capitalised. Profits declined in 2011, particularly at the larger banks, as interest margins fell due to competition for loans and increased funding costs. However, there is still plenty of room for sector expansion, with a growing…

Overview

Cleared for take-off: Strong growth potential continues to attract foreign providers
OBG
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As a relatively small market in a rapidly growing economy, the insurance sector in Turkey has significant room for expansion. Indeed, the large number of foreign players that have entered the market over the past decade signals opportunities for growth. While low pricing has been a challenge – particularly in the non-life segment – underwriting practices are improving and core profits are expected…

Overview

Gaining ground: Building a global reputation for exporting high-quality products
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From Ottoman textiles to high-tech weapons systems, Turkey has a long history of industrial activity. The challenge now is reducing the trade imbalance while maintaining impressive growth. Booming domestic demand and record exports increased industrial production in Turkey by almost 9% in 2011, powering economic growth that was second only to China among G20 nations. Productivity gains, proximity…

Overview

Power plays: Transit, pipeline and renewable projects are all in the works
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Long-time aspirations to become an energy corridor are now within Turkey’s grasp. A raft of pipeline projects and a grand canal have been proposed, with hopes these projects will be under way soon. Turkey’s location between the hydrocarbons-rich Middle East and Eurasian regions and energy-hungry Western markets makes it a key player in energy trade. But challenges abound as well. The economy…

Overview

More ways than one: The public and private sectors enhance links to fuel continued economic growth
OBG
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Long hailed as the crossroads of civilisations and a bridge between continents, Turkey is now looking to upgrade its physical infrastructure in a bid to improve competitiveness. With a growing population of just under 75m, it faces bottlenecks in moving people and goods across its vast area and through its crowded cities. Moreover, strengthening ties in trade and tourism with Europe, Asia and the…

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Planned development: Urban renewal programmes plus major infrastructure projects equal significant opportunities for investment
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With strong year-end results both in 2010 and 2011, Turkey’s construction sector emerged from the 2008-09 financial crisis in relatively good shape. A projected slowdown in the local economy due to European sovereign debt woes means the double-digit growth is unlikely to be repeated in the near term, but the underlying fundamentals look strong. Turkey is a growing country, with steady migration…

Overview

Rising star: An increasingly affluent population drives demand for homes, while Istanbul’s role as business centre boosts the commercial market
OBG
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Rapid economic growth, a young demographic profile, and the stirrings of gentrification in Europe’s largest city combined make Turkey one of the hottest real estate attractions around. In line with other markets exposed to the European debt crisis, however, it may see a speed bump in the near term. External factors aside, Turkey offers a healthy long-term growth horizon. However, investment…

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New pastures: A varied climate and fertile soil make the country a regional breadbasket
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Grain has a long history in Turkey. In the foothills of the Karacada ğ Mountains in the south-east, wild grass that is genetically identical to the first grains domesticated 11,000 years ago still grows. Today, agriculture remains a cornerstone of the economy, employing a quarter of the workforce and contributing more than 8% to GDP, according to the Turkish Statistical Institute (TurkStat). Those…

Overview

Staying in touch: The growth of the mobile sector and internet use are driving competition and innovation among providers
OBG
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As in many other countries, telecommunications in Turkey was originally a component of a larger state monopoly Post, Telegraph and Telephone (PTT). On April 24, 1995, the government split PTT, giving its postal and telegraph services to the General Directorate of Posts and its telecommunications responsibilities to a newly created state company, Türk Telekom. SECTOR DEVELOPMENT: The company…

Overview

Technological upgrade: A growing population of web users is driving demand for faster connections, newer hardware and smarter shopping options
OBG
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In response to a number of factors, including a growing youth demographic and a rising interest in technology, Turkey’s population of high-speed internet users has ballooned in the previous decade. The country had nearly 30m total internet users in 2010, the 16th-highest overall internet population in the world, according to the World Bank’s world development indicators. Between 2002 and 2010,…