Business News Turkey December 2024
Business
Insider raises USD 500 mn from investors led by GA
Insider, a marketing technology platform founded in Turkey that enables brands to deliver personalised customer experiences across digital channels, has raised USD 500 mn in a Series E funding round led by the global investor General Atlantic (GA). Sascha Guenther, Managing Director and Head of Germany, Austria and Switzerland at GA, stated that they believe Insider is well-positioned to capture a greater share of the USD 15+ bn total addressable market, as businesses around the world race to upgrade their marketing strategies in need of higher marketing efficiency and effectiveness.
Nov. 1, 2024
Tosyalı Toyo starts trial production after capacity increase
Tosyalı Toyo, a joint venture of Japanese Toyo Kohan and Turkish Tosyalı Holding, has started trial production in its new USD 200 mn facility to increase its capacity to manufacture the high-tech product packaging steel. Tosyalı Toyo’s latest investment is expected to increase its tinplate production capacity from 325,000 tonnes to 650,000 tonnes.
Nov. 11, 2024
Hilton to significantly expand its capacity in Turkey
The globally operating US hotel chain Hilton has announced that it will add more than one thousand rooms to its portfolio in Turkey by signing 10 new hotel agreements. According to Mike Collini, Vice President Development Central, Eastern & Southern Europe at Hilton, Turkey offers great opportunities not only in Istanbul but also in other cities, adding that they have already more than doubled the number of hotels in Turkey over the last 10 years and plan to increase this number to 122. Turkey is among the six largest markets within the Hilton Group.
Nov. 28, 2024
Sandoz to increase production in Turkey
Swiss-based global pharmaceutical company Sandoz has decided to increase production in Turkey, where it has been operating for 70 years. Following a capital increase of USD 80 mn, the company aims to increase the production capacity of its Gebze factory from 10 billion to 15 billion tablets. As a result of the investment, some of Sandoz’s production for the American market shall be shifted from India to Turkey.
Dec. 5, 2024
B/S/H/ to invest half a billion euros in Turkey
Home appliances giant BSH (Bosch-Siemens Hausgeräte) has announced that it will increase its investments in the Emerging Markets region, which has been managed from Turkey since 2020. The company plans to invest around EUR 500 mn in Turkey over the next 5 years, including investments in technology, efficiency and capacity increase. BSH Turkey has more than 8,000 employees and an R&D team of 400 people.
Dec. 12, 2024
Politics
Turkey and Qatar sign eight new agreements
Turkish President Recep Tayyip Erdoğan and the Emir of Qatar, Sheikh Tamim bin Hamad Al Thani, have chaired the 10th meeting of the Turkey-Qatar High Strategic Committee in Ankara. After the meeting, eight new agreements were signed between the two countries, including on the topics of humanitarian aid, documents and archives, media and communication, youth and sports, transportation, trade, and military cooperation.
Nov. 11, 2024
Turkey and Oman boost cooperation
Following the meeting of President Erdoğan and the Sultan of Oman, Haitham bin Tariq Al Said, in Ankara, 10 agreements have been signed between the two countries. In addition to the establishment of a USD 500 mn joint investment fund between the Turkish conglomerate OYAK and the Oman Investment Authority, the agreements cover different areas such as the agriculture, health, employment, and culture.
Nov. 29, 2024
Economy
Turkish Central Bank keeps interest rate constant
The Central Bank of the Republic of Turkey has decided to maintain its policy rate (the one-week repo auction rate) of currently 50.00%. The bank stated that “the level of the policy rate will be determined in a way that ensures the tightness required by the projected disinflation path, taking into account both realised and expected inflation.”
Nov. 21, 2024
Exports increase in October
In October 2024, the exports of the Turkish economy increased by 3.1%, whereas the imports remained the same, over the same month of the previous year (YOY). With exports amounting to USD 23.5 bn and imports to USD 29.4 bn, the trade deficit decreased by 10.5% to USD 5.9 bn in the same period. In October, Germany continued to be Turkey’s primary export partner with USD 1.8 bn, leading the USA (USD 1.6 bn), and the United Kingdom (USD 1.3 bn). China remained the country with the most imports to Turkey (USD 4.2 bn), followed by the Russian Federation (USD 3.1 bn), and Germany (USD 2.3 bn).
Nov. 28, 2024
2.1% economic growth in Q3/24
In the third quarter of 2024, Turkey’s gross domestic product increased by 2.1% compared to the same period of the previous year. The quarterly GDP at current prices increased to TRY 11,893.3 bn, or USD 358.0 bn in dollar terms. The construction industry recorded 9.2% growth, the agriculture sector 4.6%, and the service industry 1.4%, whereas the manufacturing sector contracted by 2.8%.
Nov. 29, 2024
Inflation continues to decrease slowly
In November 2024, consumer prices in Turkey rose by 2.24% month-on-month, with a CPI increase of 47.09% YOY. The biggest monthly price hike was in food & non-alcoholic beverages (5.10%), followed by recreation and culture (2.88%). Decreases among the main product groups occurred in clothing and footwear (-0.25%) and alcoholic beverages & tobacco (-0.04%). The highest annual price increase was in education (92.49%). The domestic producer price index (D-PPI) went up 0.66% on a monthly basis, and 29.47% YOY.
Dec. 3, 2024
Industrial production continues to decrease
In October, Turkey’s industrial production index decreased by 3.1% YOY, with the manufacturing sector recording a minus of 3.3%. The largest increases in the manufacturing sector category were reported in the product groups “wearing apparel” (11.0%), “beverages” (7.6%), and “basic metals” (3.0%) while the highest decreases occurred in the product groups “coke and refined petroleum products” (-21.1%), “computer, electronic and optical products” (-18.9%), and “other transport equipment” (-16.7%).
Dec. 10, 2024
Slight increase in unemployment rate
In October 2024, some 3.2 million people aged 15 and older were officially out of work in Turkey. The seasonally adjusted unemployment rate was 8.8%, 0.1 points higher than in the previous month, and 0.3 points higher than a year ago. The labour force participation rate increased to 54.7% overall, and to 37.4% for females.
Dec. 10, 2024
Overview of Monthly Data
Growth Rates
Inflation
