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Economic outlook of turkey. Alexia Manousou , First Secretary for Economic & Commercial Affairs Consulate General of Greece in Istanbul -Office of Economic & Commercial Affairs. Turkey at a glance. Population : 75,6mil . 0-14 : 27,3% , 15-64 :6 5 , 2 65 + : 7,5%(2012 est.)

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Economic outlook of turkey

Economic outlook of turkey

Alexia Manousou, First Secretary for Economic & Commercial Affairs

Consulate General of Greece in Istanbul -Office of Economic & Commercial Affairs


Turkey at a glance
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


  • Economic environment
    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



    Sectors in turkish economy
    Sectors in Turkish economy

    • Food & Beverages

    • Construction & Building Materials

    • Energy – RES (New Law)

    • Pharmaceuticals – Cosmetics


    Food beverages
    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%).


    Beverages spirits chapter 22 turkish imports
    Beverages & Spirits - Chapter 22 Turkish Imports

    • High special consumption tax

    • VAT:18%

    • Duties for wine: 50%


    Construction sector
    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.


    Construction sector 2
    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


    Building materials
    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,


    Renewable energy sources
    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


    New law for res in turkey
    New Law for RES in Turkey

    • INCENTIVES FOR RENEWABLE ENERGIES IN TURKEY:


    Pharmaceuticals
    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



    Imports of pharmaceuticals in turkey 2
    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


    Cosmetics
    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. $


    Cosmetics imports from greece
    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%.


    Thank you for your attention

    Embassy of Greece in Ankara -Office of Economic & Commercial Affairs :

    [email protected]

    Consulate General of Greece in Istanbul -Office of Economic & Commercial Affairs:

    [email protected]

    Website : www.agora.mfa.gr


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