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Turkey’s Economic Outlook : Obersvatory Report-9 (December 2019)

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Main indicators of Turkish economy compiled by Obervatoire Turquie Contemporaine.

Unemployment rates, well being, price indexes, growth rates and projections, capacity indexes and many more indicators compiled on a monthly basis:

Based on December 2019 data, significant developments and changes underlined here:

  • All credit rating agencies have re-evaluated Turkey’s grade to a ”positive” position for 2019. But the growth rate will in any case stay under 1%. Confidence index is increasing but not significantly. In the past year, the number of companies paying corporate tax decreased by 21.000.
  • Companies foreign debt interest rate reached 6.5%. Istanbul Chamber of Industry(ISO) is asking for the conversion of foreign currency debts to Turkish Lira.
  • US Senator R.Wyden is calling for an inquiry into President Trump interference in the inspection of a Turkish Bank, Halkbank. Wyden is accusing the bank of having helped Iran go through US embargo.
  • The Italian-Swiss financing group Unicredit suddenly withdrew from Turkey. VW suspended its investment in the Manisa region. There is no interest for fresh foreign investment in Turkey. 
  • The USD/TL rate has been stable for the past two months. But while the 500 biggest Turkish companies were valued at 300 billion dollars in 2009, they are worth 180 billion dollars today.

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