Turkish economy in 2010
Following are the major developments in Turkey.
January 1: Turkey switched back to the Turkish lira (TL) as the country’s official currency after withdrawing New Turkish Lira (or YTL) from circulation after a three-year transitional period which has seen six zeros removed from the old Turkish currency.
- Turkey introduced International Banking Account Number or IBAN and made its use obligatory for all money transactions.
January 4: Turkey’s statistics authority, TurkStat, said consumer price index in 2009 increased 6.53 percent and producer price index increased 5.93 percent.
- Turkish Finance Minister Mehmet Simsek said a total of 47.3 billion TL have been declared under a tax amnesty scheme, which helped the Treasury recover tax worth of 1,556 million TL.
January 5: Turkey became a part of the Islamic Solidarity Fund for Development, an undertaking of the Islamic Development Bank.
January 8: International credit rating agency Moody’s upgraded Turkey’s government bond rating from Ba3 to Ba2.
- Industrial production index was down 2.2 percent in November 2009 over the same period a year earlier and it was down 8.6 percent over the previous month.
January 9: According to data released by the Union of Chambers & Commodity Exchanges of Turkey (TOBB), 43,250 new companies were established in 2009 while 13,459 companies were liquidated and 10,429 companies were closed down.
- British business weekly, The Economist, placed Turkey at the second spot on a list of rising stock exchanges.
- Turkey agreed to sell Lebanon 1 billion 250 thousand kilowatt-hour electricity a year.
January 11: Turkey ran 1,598 million USD current deficit in November 2009. The figure for the first eleven months of 2009 was 9,922 million USD, marking a 74.4 percent drop over the same period a year earlier.
January 13: Turkey’s flag air carrier, the Turkish Airlines (THY), said the number of its passengers was up 11 percent in 2009 over a year earlier to 25.1 million.
January 14: Turkish satellite television provider Digiturk won exclusive broadcast rights of Turkey’s premier soccer league, agreeing to pay 321 million USD for the 2010-2011 season.
- Total deposits in banks in Turkey were up to 463,967 million TL as of end of 2009, marking a 13 percent year-on-year increase.
- Monetary Policy Board of the Turkish Central Bank made no changes to short-term interest rates. The bank kept overnight borrowing rate at 6.5 percent and lending rate at 9 percent.
January 15: TurkStat said number of jobless in Turkey increased in October 2009 by 569 thousand over the same period a year earlier to 3,299 thousand. Unemployment rate was up by 1.8 points to 13 percent.
- Turkish Finance Minister Mehmet Simsek announced that budget size in 2009 was 267.3 billion TL. The finance minister put budget income at 215.1 billion TL as the country ran 52.2 billion TL budget deficit in 2009.
January 20: World Bank Director Ulrich Zachau said Turkey’s economy had taken on a recovery track from a global economic recession.
January 21: Umit Boyner has been named as the head of Turkey’s influential business association TUSIAD.
- A global economic outlook report of the World Bank projected that Turkey’s economy would grow 3.3 percent and 4.2 percent in 2010 and 2011, respectively.
January 23: European Bank for Reconstruction and Development estimated Turkey to achieve the fastest growth rate in Eastern Europe in 2010, revising its growth expectation up from 3 percent to 4.7 percent in 2010.
January 25: TurkStat said Turkey’s population grew 0.0145 percent in 2009 up to 72,561,312.
- Consumption by using credit cards in 2009 in Turkey totalled 205 billion TL according to a report by Turkey’s Interbank Card Center.
- Capacity utilization rate in manufacturing industry in Turkey increased by 6.4 points in January 2010 over the same period a year earlier, and it was up by 0.2 point over the previous month to reach 67.8 percent.
January 27: The Turkish Central Bank said the number of bad cheques in 2009 grew 24.3 percent to 1,910,650 over a year earlier.
January 28: As of January 22, gross foreign currency reserves of the Turkish Central Bank was down by 2,251 million USD to 70,259 million USD.
January 29: TurkStat said the country’s exports dropped by 22.6 percent over a year earlier to 102.16 billion USD as its imports was down 30.3 percent to 140.77 billion USD. TurkStat said the country ran a 38,61 billion trade deficit, which marked a 44.8 percent drop over a year earlier.
January 31: Istanbul Stock Exchange’s (ISE) benchmark National-100 index became the fifth largest bourse with an increase of 96.6 percent in 2009, and it became the second largest on monthly basis with a rise of 16.5 percent.
February 1: Japanese credit rating agency JCR upgraded Turkey’s government bond rating from BB(-) to BB.
- Russia lifted a ban on imports of poultry products from Turkey.
February 2: Turkey’s Is Bank ranked at 91st spot on a list of "Top 500 Banking Brands" of the The Banker magazine, becoming the first Turkish commercial bank ever to make it to the top 100 on the list.
February 3: TurkStat said consumer price index in January was up by 1.85 percent and it increased 0.58 percent in producer price index. The annual figures for CPI and PPI were 8.19 percent and 6.3 percent, respectively.
February 4: The Turkish Central Bank said number of Turkish consumers with unpaid credit card debts was up by 9.1 percent in 2009 to 672,038 from 351,668 a year earlier. The number of unpaid individual loans increased by 195.5 percent to 457,947 in 2009 from 154,972 a year earlier.
February 5: Toyota Turkey CEO Ali Haydar Bozkurt said nearly 57,301 vehicles that the company sold between 2005 and 2009 were set to be recalled due to malfunctioning gas pedals.
- Turkey’s top administrative court suspended a cautionary attachment order on Dogan Holding’s 862.4 million TL belonging to 2004, 2005 and 2006.
February 8: Turkey’s durable goods manufacturers Arcelik and Vestel along with brewer Anadolu Efes have made it to Deloitte’s the top 250 consumer products companies in the world list.
- Industrial production index in December 2009 was up by 25.2 percent over the same period a year earlier and it was also up 8.7 percent over the previous month.
- Turkey’s Hurriyet Newspaper and Publishing Co. said Aydin Dogan would be replaced by Vuslat Dogan Sabanci as the company’s CEO.
February 11: Aydin Dogan stepped down as executive board member of Turkey’s oil retail chain Petrol Ofisi. He was replaced by Hanzade Dogan Boyner.
- Turkey’s current deficit in 2009 dropped by 67 percent over a year earlier to 41,947 million USD. Current deficit in December 2009 was up by 4.5 percent over the same period a year earlier to 3,217 million USD from 3,078 million USD.
February 12: Net foreign direct investments inflow into Turkey in 2009 was down by 58.4 percent over a year earlier to 7,597 million USD.
February 15: TurkStat put jobless rate for November 2009 at 13.1 percent. The number of unemployed increased to 3,270 thousand over a year earlier.
February 16: The Turkish Central Bank’s Monetary Policy Board said it had decided to keep short-term interest rates unchanged as overnight borrowing rate remained at 6.5 percent and lending rate at 9 percent.
February 17: The central administration budget ran a deficit of 3,121 million TL.
February 18: Long-term loans secured by the Turkish private sector in 2009 dropped 8.5 percent over a year earlier to 128,210 million USD.
- TurkStat said one out every three people in Turkey had become a debtor due to the fall out from a global economic recession.
- Offers in privatization tenders of Van, Firat, Camlibel and Uludag electricity distribution grids have reached a total of 1,528 million USD.
February 19: International credit rating agency Standard and Poor’s upgraded Turkey’s long-term foreign currency issuer default rating to BB, and the country’s local currency sovereign rating to BB+.
- Governor of the Turkish Central Bank Durmus Yilmaz said the first half of 2010 might see inflation rate slightly missed projections, however, the figures were expected to meet targets in the second half of the year.
February 22: Capacity utilization rate in manufacturing industry in Turkey increased by 7.5 points in February 2010 over the same period a year earlier, and the figure remained flat over the previous month.
- Turkey’s central administration debt stock for January 2010 stood at 447.8 billion TL. Domestic and foreign debt stocks were posted as 335.9 billion TL and 111.9 billion TL, respectively.
February 24: A total of 35,781 motor-vehicles were registered in the traffic registry in November 2009. In December 2009, a total of 48,028 motor-vehicles were registered. The number of motor-vehicles in traffic increased by 551,305 in 2009.
- As of February 25, gross foreign currency reserves of the Turkish Central Bank was down by 532 million USD to 67,357 million USD.
February 26: Forbes Turkey announced "the Top 100 Wealthiest Turks" list. The list included Husnu Ozyegin, CEO of Ozyegin Holding with a net worth of $3 billion, Mehmet Emin Karamehmet of Cukurova Holding at $2.9 billion, and ENKA Holding’s Sarik Tara at $2.6 billion.
- Turkey’s exports dropped by 0.3 percent in January 2010 over the same period a year earlier to 7,864 million USD. Imports increased 23.9 percent to reach 11,504 million USD.
March 2: TurkStat said unemployment rate was up in 2009 by 3 points to 14 percent. The number of jobless increased in 2009 by 860 thousand over the same period a year earlier to 3,471 thousand.
March 3: TurkStat said consumer price index in February increased 1.45 percent and producer price index increased 1.66 percent. As of February 2010, annual CPI was up 10.13 percent and annual PPI increased 6.82 percent.
March 8: TurkStat said industrial production index was up was by 12.1 percent in January over the same period a year earlier. On monthly basis, it was down 15.3 percent.
March 9: The Turkish Central Bank revised down as of April 1 2010, monthly contractual rate of interest to 2.8 percent and monthly default interest down to 3.55 percent.
- Iraqi Oil Ministry said the Turkish Petroleum Corporation had won a tender to drill 45 new wells in Iraq’s Rumaila oil field.
March 10: Turkish Prime Minister Recep Tayyip Erdogan said Turkey and the IMF had agreed not to renew a stand-by deal between the country and the Fund.
March 11: The Turkish Central Bank said trade deficit in January 2010 was up to 2,959 million USD from 491 million USD in January 2009.
March 15: TurkStat said unemployment rate in December 2009 was 13.5 percent.
March 16: Turkey’s central administration debt stock for February 2010 stood at 2,271 million TL and the figure for January-February period was 5,392 million TL.
- Iraq’s Deputy Oil Minister Ahmad Al-Shamma said Turkey and Iraq had agreed to renew an agreement the Kirkuk-Ceyhan oil pipeline, which carries 25 percent of Iraq’s exported oil.
March 18: The Turkish Central Bank’s Monetary Policy Board said it had decided to keep short-term interest rates unchanged as overnight borrowing rate remained at 6.50 percent and lending rate at 9 percent.
March 22: Turkey’s debt stock stood at 452.7 billion USD. As of February 2010, Domestic and foreign debt stocks were 339.4 billion TL and 113.2 billion TL, respectively.
March 24: The World Bank’s Board of Directors approved a loan of 931 million euro for Turkey under a program to support economic growth and boost employment.
- Capacity utilization rate in the manufacturing industry in March was up by 8.7 points over the same period a year earlier to 67.9 percent. The rate increased by 0.1 percent over the previous month.
March 25: Islamic Development Bank and Turkey signed a memorandum of understanding over Turkey’s member country partnership strategy, which was expected to provide 1.5 billion USD to 2 billion USD loan for Turkey.
March 26: The Turkish Central Bank’s gross foreign reserves was up by 711 million USD in a week to stand at 68.77 billion USD as of March 19, 2010.
March 31: TurkStat said Turkey’s economy shrank by 4.7 percent in 2009. The board said economy grew 6 percent in the last quarter of 2009. TurkStat said GDP on current prices for 2009 was 953,974 million TL. GDP per capita in 2009 was 13,269 TL and it was 8,590 USD.
- TurkStat said Turkey’s exports decreased by 1.3 percent in February 2010 to 8,323 million USD over the same period e year earlier. Imports were up 28.3 percent to 11,640 million USD. Turkey ran a trade deficit of 3,317 million USD with an increase of 418.4 million USD.
April 3: Turkish Finance Minister Mehmet Simsek said the government levelled stoppage for both domestic and foreign funds and investment houses on state debt securities. Simsek said a stoppage rate of 10 percent would still hold for real persons and other institutions.
April 5: TurkStat said, consumer price index and producer price index for March were up 0.58 percent and 1.94 percent, respectively. Annual CPI and PPI as of March 2010 were 9.56 percent and 8.58 percent, respectively.
April 8: TurkStat said industrial production index was up was by 18.1 percent in February over the same period a year earlier. On monthly basis, it was up 0.5 percent.
April 9: The Turkish Central Bank included Bulgarian lev, Iranian rial, Romanian lei and Russian ruble on its foreign currency trade list.
- Euro has hit a record low, dropping below 2 TL for the first time in a year and a half.
April 12: The Turkish Central Bank said trade deficit in January-February 2010 was up to 5,572 million USD from 801 million USD over the same period a year earlier. Trade deficit in February 2010 was 2,602 million USD.
April 13: Turkey ran in March a budget deficit of 5.9 billion TL with a drop of 32 percent over the same month a year earlier.
- The Turkish Central Bank’s Monetary Policy Board said it had decided to keep short-term interest rates unchanged as overnight borrowing rate remained at 6.5 percent and lending rate at 9 percent.
April 14: Turkey’s Industry and Trade Minister Nihat Ergun said the Turkish Eximbank would increase the volume of its medium and long term loans to as high as 1,450 million USD.
April 15: TurkStat said jobless rate in Turkey in January was 14.5 percent and the number of the unemployed dropped to 3,591 thousand with a decrease of 59 thousand over the same period a year earlier. Unemployment rate was 15.5 percent in January 2009.
April 20: Turkey’s central administration debt stock as March 2010 stood at 453.8 billion USD.
- A global economic outlook report released by the IMF estimated that Turkey’s GDP would grow 5.2 percent in 2010 and 3.4 percent in 2011. The report said consumer prices were expected to increase 9.7 percent in 2010. The report also said the global economy would grow 4.2 percent in 2010 and 4.3 percent in 2011.
April 26: The Turkish Central Bank revised required foreign currency reserve ratio to 9.5 percent from 9 percent. Ratio for local currency remained unchanged at 5 percent.
- Capacity utilization rate in the manufacturing industry in April was up by 11.9 points over the same period a year earlier to 72.2 percent. The rate increased by 4.3 percent over the previous month.
April 29: Turkish Central Bank’s Governor Durmus Yilmaz said the bank estimated Turkey’s inflation rate in 2010 to stand somewhere between 7.2 percent and 9.6 percent with a mid-point of 8.4 percent.
- The Turkish Central Bank’s gross foreign reserves was up by 1,742 million USD in a week to reach 72.57 billion USD as of April 22, 2010.
- Turkey’s tourism revenues in the first quarter of 2010 dropped 2.2 percent over the same period a year earlier down to 2,413 million USD.
April 30: Turkey’s meat authority said it would hold a tender for livestock procurement to ward off price hikes. The Turkish Meat and Fishery Authority’s (EBK) said it would launch the tender and bargaining to buy 50,000 tons of livestock.
- TurkStat said Turkey’s exports increased by 22.4 percent in March 2010 to 9,985 million USD over the same period e year earlier. Imports were up 42.7 percent to 15,017 million USD.
- TurkStat’s deseasonalized jobless rate dropped by 1.4 points down to 13.1 percent.
May 2: According to IMF data, United States, China and Japan were announced as the largest economies in the world based on purchasing power parity. Turkey was at the 16th place.
May 3: According to Turkish Statistical Institute, TUIK, consumer prices rose 0.6 percent and producer prices increased 2.35 percent in April. Annual inflation climbed 10.19 percent in consumer prices and 10.42 percent in producer prices.
- EBK launched a tender to buy 5,000 tonnes of cattle from United States, Brazil, Uruguay, Argentina and Chile.
- Turkey’s automotive exports was up 35 percent in first four months to 5.65 billion USD.
May 4: Privatization process was initiated to sell 52 hydro power plants owned by state’s Electricity Generation Company, EUAS.
- Three companies, owned by Turkish businessmen abroad, made bids in EBK auction for 4,025 tonnes of cattle.
May 5: European Commission said that Turkey would be the fastest growing economy in Europe with growth forecast of 4.7 percent this year and 4.5 percent in 2011.
May 6: Jordan-based company Khaled Hijazi was the sole bidder in EBK auction for 5,000 tonnes of livestock. Khaled Hijazi offered 21.3 million USD.
- Turkey’s media conglomerate Dogan Yayin Holding said that a tax court ruled in favor of the company and canceled a major part of tax fine, a sum of 790 million TL.
May 7: Turkey’s top corporate taxpayers were announced. Accordingly, state-owned lender Ziraat Bank was in the first place with a 1.18 billion TL tax levied. Private bank Garanti was ranked the second with 1.09 billion TL and state’s gas and pipeline company Botas was third with 1.02 billion TL.
May 10: According to statistics of TUIK, industrial production rose 21.1 percent year-on-year and 16.3 percent over previous month.
- OECD approved Israel, Estonia and Slovenia as new members.
May 11: Turkish Central Bank statistics showed that current account deficit stood at 4.32 billion USD in March. It amounted to 9.95 billion USD in first quarter.
- Net capital inflow to Turkey fell 50.2 percent to 1.02 billion USD.
May 13: Net foreign direct investment inflow to Turkey declined 39 percent to 1.47 billion USD in January-March period.
May 14: Turkey’s industrial turnover index escalated 20.2 percent year-on-year in March and 21.3 percent over February.
- Turkey’s budget posted a 4.4 billion TL deficit, a 371 percent rise when compared to the same month of 2009.
May 17: Jobless rate dropped 1.7 points year-on-year to 14.4 percent in February, TUIK said.
- Turkey’s petroleum company, TPAO, signed a deal with Iraq for oil exploration rights on an oil field of 2.2 billion barrels.
May 18: Central Bank left interest rates unchanged at 6.5 percent for overnight borrowing and at 9 percent for lending.
May 19: Total Q1 net profit of 12 Turkish banks was announced as 4.82 billion TL.
May 21: According to statistics of Turkish Exporters’ Assembly (TIM), carmaker Oyak Renault was the top exporter company of Turkey in 2009. Oyak Renault’s exports totaled 3.01 billion USD.
- Four companies won an EBK tender to import 8,000 tonnes of cattle. Jordan-based Khaled Hijazi will supply major part of the sum.
May 24: Capacity utilization rate in industry rose 9.2 points year-on-year to 73.4 percent in May. It also increased 1.2 percent when compared to April.
May 26: An OECD report on economic outlook projected that Turkey would grow 6.8 percent in 2010 and 4.5 percent in 2011.
- Turkish and African companies signed three deals worth 220 million USD during the Turkey-Africa Business Forum.
May 27: Home sales dropped 26.13 percent to 85,858 units in the first quarter of the year.
- Gross foreign exchange reserves of Turkish Central Bank was down 654 million USD in a week to 71.6 billion USD on May 21.
May 31: Turkey’s exports reached 9.46 billion USD and imports rose to 14.92 billion USD in April. Foreign trade deficit was up 113.2 percent. In first four months, exports climbed 11.3 percent year-on-year to 35.66 billion USD and imports soared 36.6 percent to 53.26 billion USD. Foreign trade deficit in this period skyrocketed to 17.6 billion USD, a 152.8 percent rise.
June 2: Turkey banned wheat exports for 1 year.
June 3: TUIK statistics showed that consumer prices fell 0.36 percent and producer prices were down 1.15 percent in May. Annual inflation stood at 9.1 percent in consumer prices and at 9.21 percent in producer prices.
June 4: Total assets of Turkish banks grew 16.5 percent to 857.6 billion TL in April.
June 7: Turkey and Azerbaijan signed a memorandum of understanding for natural gas sale and transport from Azerbaijan to Turkey and to Europe via Turkey.
June 8: Industrial production rose 17 percent in April over the same month of 2009. It was down 2.3 percent when compared with previous month.
June 10: A World Bank report said that Turkey is expected to grow 6.3 percent in 2010, 4.2 percent in 2011 and 4.7 percent in 2012.
June 11: Central Bank’s statistics revealed that current account deficit increased to 14.2 billion USD in first four months. It was 3.5 billion USD in the same period of 2009. In April, current account deficit was 4.3 billion USD.
June 15: Unemployment rate was down 2.1 points to 13.7 percent in March.
- Industrial turnover index surged 19.1 percent year-on-year in April 2010. It also rose 4.3 percent over March.
- Budget had a surplus of 5.8 billion TL in May. Budget deficit in Jan-May period was 9.98 billion TL.
- Consumer loans soared 98 percent year-on-year in the first quarter of the year to 21.33 billion TL.
June 16: Central Bank cut monthly maximum contractual interest rate to 2.69 percent from 2.8 percent and slashed monthly maximum default interest rate to 3.19 percent from 3.55 percent. New rates were valid through July 1.
- Jordan-based company Khaled Hijazi was the best bidder in EBK tender launched for 4,000 tonnes of cattle. The company offered 4.08 USD per kilo.
June 17: Turkey’s Central Bank kept interest rates unchanged at 6.5 percent for overnight borrowing and at 9 percent for lending.
- Turkey and Iraq signed a preliminary deal to extend for 15 years the use of a pipeline linking the Turkish port of Ceyhan to the northern oilfields in Kirkuk.
- TPAO said it discovered new natural gas reserves at a depth of 1,600 meters below the ocean floor in Black Sea.
- Turkey, Greece and Italy signed a memorandum of understanding on a natural gas pipeline.
June 21: According to a report of Turkey’s Banking Regulation and Supervision Agency, total assets of Turkish banks increased to 860.5 billion TL in March. Net profits rose 22.1 percent to 6.3 billion TL.
June 23: Home sales dropped 21 percent year-on-year in first quarter of 2010.
June 24: A TUIK survey on highest jobless rates by provinces revealed that highest unemployment rates were recorded in Adana (26.5 percent), Diyarbakir (20.6 percent) and Hakkari (19.7 percent).
- Capacity utilization rate in manufacturing industry was up 6.8 points in June over the same month of 2009 to 73.6 percent.
- Gross foreign exchange reserves of Central Bank was up 288 million USD over a week to 70.5 billion USD on June 18.
June 30: TUIK announced that Turkey grew 11.7 percent in the first quarter of the year. Gross domestic product stood at 243.2 billion TL.
- Exports soared 34.5 percent year-on-year to 9.88 billion USD in May. Foreign trade deficit was also up 37.3 percent to 4.8 million USD.
- Turkey’s sole oil refiner TUPRAS was on the top of the Fortune 500 list of Turkey’s biggest companies with a net sales of 20.4 billion TL.
- Turkey’s gross external debt stock was 266.6 billion USD at end-March.
July 2: Turkey’s automotive exports contracted for the first time since the beginning of the year on a monthly basis in June. Exports fell 11.7 percent year-on-year in June 2010, however, it rose 19.7 percent to 8.23 billion USD in the first half.
July 4: A study by GFK Turkey showed that consumer confidence index was up 5.3 points in June to 87.6 points, the highest level over the past 29 months.
July 5: TUIK announced that consumer prices fell 0.56 percent and producer prices declined 0.50 percent in June. Annual inflation was 8.37 percent in consumer prices and 7.64 percent in producer prices.
July 6: Passenger car sales were down 1.79 percent at 186,305 units in first six months from the same period last year. Light commercial vehicles climbed 9.91 percent to 91,950 units in the same period.
- World Bank granted a total of 500 million USD loan to Turkish Development Bank, Ziraat Bank and Vakifbank for financing of small and medium-sized enterprises.
July 8: Industrial production was up 15.6 percent year-on-year in May and 3.7 percent higher than April.
July 12: Turkey ran a current account deficit of 2.99 billion USD in May. Jan-May deficit rose to 17.4 billion USD.
July 15: Unemployment rate dropped 2.9 points year-on-year to 12 percent in April.
- Central Bank kept interest rates unchanged at 6.5 percent for overnight borrowing and at 9 percent for lending.
- Finance Minister Mehmet Simsek said that budget deficit was down 33.5 percent to 15.4 billion TL in January-June period.
- Halkbank secured a one-year syndicated loan of 130 million USD and 349 million euro.
July 16: Turkey’s first unmanned aerial vehicle ANKA was introduced. ANKA has a wing span of 17 meters and take-off weight of 1,600 kg which made it one of the leading drones of its class.
July 18: Euro was above 2 TL for the first time after three months.
July 21: Fiat Doblo EV, the first electric car built by Turkish carmaker Tofas, made a test-drive.
- ISE index hit 60,000 points for the first in its history.
July 26: Central Bank’s real sector confidence index rose 1 points from a month earlier to 112.7 points in July.
- Capacity utilization rate in manufacturing industry increased 7.3 points in July from the same month last year. It reached 74.7 percent.
July 27: According to ranking of Top 500 companies created by Istanbul Chamber of Industry, TUPRAS secured its top place by sales. It was followed by state-owned Electric Generation Company and carmaker Oyak Renault.
July 29: Central Bank increased foreign exchange required reserve ratio to 10 percent from 9.5 percent. Local currency reserve ratio was kept unchanged at 5 percent.
- Turkey’s tourism revenues rose 7.4 percent year-on-year to 4.55 billion USD in the second quarter of the year.
July 30: Turkey’s exports surged 14.8 percent in June from the same month last year. Exports reached 9.5 billion USD and imports totaled 15.1 billion USD, a 21.5 percent rise over June 2009. In first half, export rose 14.9 percent to 54.8 percent and imports climbed 33.6 percent to 83.3 billion USD.
August 2: Turkey’s financial sector, excluding Central Bank balance sheets and Istanbul Stock Exchange total market capitalization, rose to 953 billion TL in 2009. It was 116 billion TL in 2000.
August 3: Consumer prices fell 0.48 percent and producer prices were down 0.16 percent in July, TUIK announced. Accordingly, annual inflation amounted to 7.58 percent in consumer prices and 8.24 percent in producer prices.
- A total tax of 134.07 billion TL was levied on Turkish citizens in the first half of the year. Government collected 98.6 billion TL of the sum.
August 6: TUIK statistics showed that a total of 6,073 newspapers and magazines were published in the country last year. The figure suggested a 7.2 percent rise from a year earlier. 57.1 percent of total publication was magazines.
August 9: Industrial production rose 10.2 percent in June from the same month of 2009. It was also up 2.2 percent from May.
August 11: Turkey’s current account deficit rose 180 percent to 20.7 billion USD in the first half.
August 16: Jobless rate dropped 2.6 points to 11 percent in May.
August 19: Central Bank kept interest rates unchanged at 6.5 percent for overnight borrowing and at 9 percent for lending.
August 20: Central government’s gross debt stock stood at 458.2 billion TL on July 31.
August 23: Stakeholder of Nabucco pipeline project signed a deal on supply lines. Accordingly, the project company will build supply lines on Turkish-Georgian and Turkish-Iraqi borders.
-State-owned Ziraat Bank announced a net profit of 1.9 billion TL for the first half.
August 25: Real sector confidence index went down 1.7 points from a month earlier to 111 points in August.
- Capacity utilization rate climbed 5.2 points to 73.4 percent in August.
August 26: A total of 67,389 new vehicles hit the roads in Turkey in June.
- Turkish banks posted a total H1 net profit of 11.7 billion TL.
- Gross foreign exchange reserves of the Central Bank climbed 694 million USD in a week to 75.4 billion USD on August 20.
August 31: TUIK statistics showed that Turkey’s exports rose 6 percent year-on-year to 9.59 billion USD in July. Imports also rose 24.6 percent to 16.01 billion USD.
- World Bank directors approved a loan deal with Turkey worth 220 million USD.
September 1: The list of tax debtors was announced. Maric-Belbir Marmaris Cev. Kor. Tes. Ist. ranked the first in the list with 1.2 billion USD tax debt.
September 2: According to the figures by the Banks Association of Turkey, the number of people who used consumer credits reached 9.8 million as of June 2010.
- Turkish State Minister and Deputy Prime Minister Ali Babacan said that they decided to restructure tax and premium debts.
September 3: TurkStat announced that consumer price index rose by 0.4 percent and producer price index increased by 1.15 percent in August.
- Turkey earned nearly 1.34 billion USD of income from hazelnut exports in the 2009-2010 export season. The Black Sea Hazelnut and Products Exporters’ Association said that Turkey exported 213,141 tons of hazelnut during the 2009-2010 export season which started on September 1, 2009.
- Turkish banking sector’s assets rose to 900.3 billion TL as of July 2010.
September 4: 33MW wind power plant was opened in Mut town of southern province of Mersin.
- State Minister and Deputy Prime Minister Ali Babacan said that there would be two large economies in Europe 20-30 years later, stating that one of them would be Turkey and the other would be Germany.
September 7: Industrial production index increased by 8.6 percent year-on-year in July 2010.
September 9: Turkey ranked the 61st in the 2010-2011 World Competition League.
September 10: The number of foreign companies in Turkey exceeded 25,000.
September 12: Foreign investments in Turkey dropped by 50 percent year-on-year in the first half of 2010.
September 14: TurkStat said that Turkey’s GDP grew 10.3 percent at fixed prices year-on-year in the second quarter of 2010.
September 15: Turkey’s current deficit increased by 630 percent to 3.4 billion USD year-on-year in July 2010.
- Unemployment rate dropped to 10.5 percent in August 2010 compared to the same month of 2009.
- Central Management Budget yielded a surplus worth 3 billion TL in August.
- International credit rating organization Moody’s said that "while the Turkish economy’s undeniable dynamism is credit positive, the government’s financial strength is still considered low because of the government’s weak revenue-raising capacity, which gives it a poor debt affordability ratio."
September 16: Central Bank Monetary Policy Board decreased overnight borrowing interest rates to 6.25 from 6.5 percent.
September 19: Turkish Institute of Standards (TSE) was elected to the International Organization for Standardization (ISO) Council.
- Kirkuk-Ceyhan oil pipeline agreement was extended for 15 years.
September 20: The Council of State froze the enforcement of a tax fraud charge amounting to over 1 billion TL on Turkey’s largest media group, Dogan TV Holding.
- Central management debt stock was 462.9 billion TL as of August 31, 2010.
September 22: Turkish Eximbank Deputy Director General Necati Yeniaras said that there would be 0.5 point decrease in interest rates of short-term forex credits.
- Banking Regulation and Supervision Agency’s financial markets report said that total assets of banks rose by 18.3 percent in June 2010.
September 24: EBK opened a tender to import 5,000 tons of cattle.
- Capacity utilization rate rose by 5.5 points year-on-year in September.
September 29: Mark White Lewis was appointed as the International Monetary Fund’s (IMF) Turkey director.
September 30: TurkStat said that Turkey’s exports rose by 9.1 percent to 8.5 billion USD and imports increased by 20.5 percent to 15.4 billion USD year-on-year in August 2010.
- Central Bank’s gross foreign exchange reserves increased by 931 million USD in a week.
- Turkey’s gross foreign debt stock was 266.3 billion USD in the second quarter of 2010.
October 1: The Council of Ministers issued a decree allowing state-owned Turkish Petroleum Corporation, or TPAO, to open new companies or acquire shares of a company in Damascus, Syria.
October 4: Turkish State Minister for foreign trade Zafer Caglayan said that Turkey would comply with the sanction decisions that were made by the United Nations within the scope of the embargo imposed on Iran, but Turkey was not bound by the decisions of the United States.
- TurkStat announced that consumer price index rose by 1.23 percent and producer price index increased by 0.51 percent year-on-year in September 2010.
- 3 billion packs of cigarettes were consumed in the first eight months of 2010. The figure was 3.6 billion in the same period of 2009.
- Exports from the automotive sector rose by 12.4 percent to 11.4 billion USD year-on-year in the first nine months of 2010.
October 5: Moody’s Investors Service changed the outlook on Turkey’s Ba2 local and foreign currency government bond ratings to positive from stable.
- Electricity consumption increased by 11 percent and electricity generation rose by 10.5 year-on-year in September 2010.
October 6: IMF projected in its World Economic Outlook report that Turkish economy would grow 7.8 percent in 2010 and 3.6 percent in 2011.
October 8: Prime Minister Recep Tayyip Erdogan said that Turkey and China would use their currencies, the lira and the yuan, in bilateral relations.
- Industrial production index increased by 11 percent year-on-year in August 2010.
- The world’s largest omelette was made in Turkey.
October 10: Medium-term programme and medium-term plan for the the period between 2011-2013 were issued.
October 11: Turkey’s current account deficit increased by 220 percent year-on-year between January and August 2010. Current deficit which was 8.7 billion USD in the first eight months of 2009 rose to 27.9 billion USD in the same period of 2010.
October 13: ISE index closed the day at all-time high with an increase of 0.71 percent. The benchmark National-100 index closed at 70,166.89 points at the end of second trading session with an increase of 491.81 points.
October 14: Central Bank Monetary Policy Board decreased overnight borrowing interest rates to 5.75 percent from 6.25 percent.
October 15: TurkStat said that unemployment rate dropped by 2.2 points to 10.6 percent year-on-year in July 2010.
- Central management budget posted a deficit of 6.9 billion TL in September and 21.3 billion TL between January and September 2010.
October 16: Prime Minister Recep Tayyip Erdogan said that Turkey would pay all the outstanding debt to the International Monetary Fund by the end of 2012.
- Turkey’s Sevilen Winery won three gold and two silver medals in Vienna Wine Competition which is considered the biggest official wine challenge of the world.
October 18: Prime Minister Recep Tayyip Erdogan applied to the Turkish Patent Institute (TPE) to register RTE, the initials of his name, as a trademark.
October 20: Edirne-Istanbul-Ankara, Pozanti-Tarsus-Mersin, Tarsus-Adana-Gaziantep, Toprakkale-Iskenderun highways, Bogazici and Fatih Sultan Mehmet bridges were included in the privatization program.
October 22: Turkish National Lottery Administration announced that the biggest prize would be 35 million TL (24.4 million USD) in new year’s draw on December 31, 2010.
- According to the statistics of TurkStat, the number of births was 1,241,617 in 2009.
- Turkey’s Dogan Holding sold its 54.17 share in oil company Petrol Ofisi to its Austrian partner OMV for 1 billion Euros. OMV increased its stake to 95.75 percent in Petrol Ofisi, becoming the controlling share holder in the company.
October 25: Turkey’s Is Bankasi said that it signed an agreement in Moscow and purchased 100 percent of Closed Joint Stock Company Bank Sofia.
- Capacity utilization rate rose by 7.1 points to 75.3 percent in October 2010 compared to the same month of 2009.
- Central Bank’s real sector confidence index dropped by 3.5 points to 107.2 percent year-on-year October 2010.
October 26: Central Bank Governor Durmus Yilmaz said that inflation would be around 7.5 percent at the end of 2010 and around 5.4 percent at the end of 2011.
- Mineral Research & Exploration (MTA) Directorate General has found out that the shale in Konya-Eregli and Nigde-Bor basins could produce oil between 2.6 billion-8.3 billion barrels.
- According to an EU Commission Report on global research & development (R&D) spending, Turkey’s Koc Holding and Tofas ranked 505th and 529th, respectively.
October 27: TurkStat said that Turkey’s exports rose by 5.5 percent and imports increased by 25.3 percent year-on-year in September 2010.
October 28: Council of Ministers in Turkey has approved to rise a special consumption tax on alcoholic beverages as high as 30 percent for certain kinds spirits with a minimum increase of 25.1 percent.
- Turkish Treasury Undersecretariat released its financing program and said, "total amount of debt service is projected as 152.8 billion TL, comprising the payments of 110.3 billion TL in principal and 42.6 billion TL in interest. Total domestic debt service is expected to realize as 135 billion TL, while total external debt service is expected to realize 17.8 billion TL."
- Central Bank’s gross foreign exchange reserves rose by 273 million USD in a week and reached 79.6 billion USD as of October 22.
October 29: 2011 year programme was issued at the Official Gazette. The program foresees that Turkey would grow 4.5 percent in 2011.
November 1: Turkey’s Halkbank’s net profit rose by 25.1 percent to 1.5 billion TL year-on-year in the third quarter of 2010.
November 3: TurkStat announced that consumer price index rose by 1.83 percent and producer price index increased by 1.21 percent in October 2010.
November 8: According to figures by TurkStat, industrial production index climbed by 10.4 percent year-on-year in September 2010.
- Banking Regulation and Supervision Agency’s report on the banking sector said that the sector’s capital adequacy ratio was 19.3 percent in September.
November 11: Turkey’s current account deficit was 4 billion USD in September.
- Industry and Trade Minister Nihat Ergun announced that small and medium scale enterprises could benefit from credit assistance package worth 3 billion TL.
- Central Bank decreased overnight borrowing interest rate to 1.75 percent from 5.75 percent.
November 12: TurkStat said that unemployment rate dropped by 2 points to 11.4 percent year-on-year August 2010.
- Net international direct investments decreased by 20.9 percent to 5.2 billion USD between January and September 2010 compared to the same period of 2009.
November 15: Energy and Natural Resources Minister Taner Yildiz said that Turkey and South Korea could not reach agreement on construction of nuclear energy power plant.
November 17: Turkey’s Sabanci Holding’s executive board chairperson Guler Sabanci took place in the "top 50 women in world business" list of British Financial Times newspaper.
November 18: According to the data by IMF, Turkey will take the 12th place among countries in the rise of GDP (with an increase of 114.6 billion USD).
- OECD’s economic outlook report said that Turkish economy would grow 8.2 percent this year and 5.3 percent next year.
November 22: Central management budget’s deficit was 1.8 billion TL in October and 23 billion TL between January and October 2010.
November 23: European auto market shrank by 16.1 percent while Turkish auto market grew 256.1 percent year-on-year in October 2010.
November 24: The Istanbul Gold Exchange (IAB) hit all time high and closed at 65,000 TL per kilo.
- Turkey’s stock exchange was the sixth market in the world that yielded the most profit to investors in the first ten months of 2010.
- Ziraat Bank’s net profit was 2.7 billion TL in the first nine months of 2010.
- Fitch Ratings affirmed Turkey’s Credit Rating as BB(+) but revised its credit outlook to "Positive".
- Capacity utilization rate in the manufacturing sector rose by 6.1 points to 75.9 percent in November 2010 compared to the same month of 2009.
November 25: Turkey, which was earlier listed as the 16th biggest economy in the world in terms of size of national income, has revised its position in the ranking as the 15th, due to a correction made by the Council of Ministers in the Gross Domestic Product (GDP) figures in the country’s 2011 Program. Turkey, which was earlier listed as the 63rd country in the world with its 13,038 USD per capita income envisaged for 2010, is now ranked the 54th with a per capita income of 15,392 USD.
- Central Bank’s gross foreign exchange reserves dropped by 413 million USD to 79.8 billion USD as of November 15.
November 29: The European Commission lifted its forecast for Turkey’s growth this year to 7.5 percent from an earlier projection of 4.7 percent.
November 30: Turkey’s imports rose by 8.8 percent and imports increased by 35.5 percent year-on-year in October 2010.
- Turkey and Ecuador signed Commercial Cooperation and Economic and Trade Partnership Agreement.
December 1: Koc Holding’s Aygaz energy company signed a partnership agreement in electricity generation with global energy company AES Corp.
December 3: TurkStat said that consumer price index rose by 0.03 percent and producer price index dropped by 0.31 percent in November 2010.
- Business organizations from Turkey, Syria, Lebanon and Jordan formed the Levant Business Forum and adopted an action plan to carry out joint projects on integration of these economies.
December 4: Banking Regulation and Supervision Agency Chairperson Tevfik Bilgin said that the banking sector’s assets would exceed 1 trillion TL in the first months of 2011.
December 5: Renault decided to produce Clio RS in Turkish northwestern province of Bursa in 2011.
December 6: Turkey became a party to the international agreement against illegal fishing.
- Turkish car market grew 30.8 percent year-on-year between January and November 2010.
December 7: The European Bank for Reconstruction and Development (EBRD), International Finance Corporation (IFC) and UniCredit Bank AG provided initial financing of up to 325 million USD to Akcez Enerji Yatirimlari Sanayi ve Ticaret A.S (Akcez) and Sakarya Elektrik Dagitim A.S. (SEDAS), an electricity distribution company.
December 8: Industrial production index rose by 9.8 percent year-on-year in October 2010.
December 9: At a conference on the 25th year of ISE, Prime Minister Recep Tayyip Erdogan said that Turkish economy entered a high rate growth process as of the last quarter of 2009. Erdogan said that Turkish economy recorded 11.7 percent growth in the first quarter of 2010 and 10.3 percent growth in the Q2.
- According to figures by the Banking Regulation and Supervision Agency, Turkish banking sector’s assets rose to 932 billion TL in October.
- Central Bank’s gross foreign exchange reserves dropped by 191 million USD to 79.2 billion USD.
- Motor vehicle production increased by 27 percent to 983,000 units between January and November 2010.
December 10: 1 Euro hit 2 TL for the first time after 5 months at Istanbul free market.
- TurkStat announced that Turkish economy grew 5.5 percent year-on-year in the third quarter of 2010.
- Five Turkish companies have won a tender to construct "Baghdad New Sadr City" to be comprised of 75,000 dwellings.
December 13: Turkey’s balance of payments sheet posted a deficit of 3.6 billion USD in October.
- Employment in the industry sector rose by 5.5 percent year-on-year in the third quarter of 2010.
December 14: Turkey’s benchmark bond yield opened at a fresh record low. Benchmark bond Aug 8, 2012 fell to 7.38 percent from a previous close of 7.47 percent.
- Flow of direct international investment into Turkey dropped by 17.9 percent year-on-year in the first 10 months of 2010.
December 15: TurkStat said that unemployment rate dropped by 2.1 points to 11.3 percent in September 2010 compared to the same month of 2009.
- Central management budget’s deficit dropped by 88.3 percent to 365 million TL year-on-year in November 2010.
- National Defense Minister Vecdi Gonul said that they considered proposals from Sikorsky and Agusta Westland insufficient and decided to continue negotiations within the scope of a helicopter tender.
December 16: Central Bank Monetary Policy Board dropped overnight borrowing interest rate to 1.5 percent from 1.75 percent.
December 17: Central Bank dropped maximum monthly interest rate for credit cards to 2.26 percent from 2.44 percent for Turkish lira transactions.
- 1 USD exceeded 1.54 TL for the first time after 5 months at Istanbul free market.
December 18: The International Monetary Fund voiced an optimistic outlook on Turkish economy, saying the Turkish economy maintained its strong post-crisis recovery throughout 2010, and with growth expected to exceed 8 percent this year, output will surpass its pre-crisis level by a comfortable margin, one of the few countries in Europe to achieve this milestone.
- The fund also warned about loans in Turkey, saying, crisis-era relaxation of regulations for restructuring loans and general provisioning is no longer necessary and should be withdrawn in full.
- Central Bank Governor Durmus Yilmaz said that the additional measures that were taken in the recent period should be regarded as a preparation against a new conjuncture.
December 20: Finance Ministry said that 78.3 percent of the price of each cigarette is for tax in Turkey.
December 21: Central Bank Governor Durmus Yilmaz recalled that they announced inflation target as 5.5 percent and 5 percent for 2011 and 2012 respectively, stating that it was 5 percent for 2013.
Saturday, January 01, 2011