Turkey News May 2022
(as at May 15, 2022)
Swvl Holdings to buy Volt Lines
Dubai-headquartered transportation service company Swvl Holdings Corp. has moved to buy Turkish company Volt Lines for USD 40 mn. The transaction is planned to be completed in the second quarter of 2022. Volt Lines, founded in 2017, is serving corporate customers in Istanbul and Ankara with subscription-based transportation services.
Apr. 25, 2022
Construction begins on DowAksa’s new integrated facility
Leading carbon fibre composite material producer DowAksa, a U.S.-Turkish partnership, has broken ground for its new integrated facility to be built on 117,000 sqm in Yalova province. The new plant is to be commissioned in 2023, creating 500 new jobs. It will serve the increasing demand of the wind energy sector.
Apr. 28, 2022
Boheme Investment GmbH to acquire McDonald’s Turkey
Austria-based Boheme Investment GmbH, owned by Qatari investor Kamal Saleh Al Mana, is acquiring the franchise operation of fast-food chain McDonald’s in Turkey from Turkish Anadolu Group for USD 54.5 mn. The deal is expected to go through in the first half of 2022.
May 11, 2022
Mask mandate lifted
Following his meeting with the Science Council, Turkish President Recep Tayyip Erdoğan has announced that the obligation to wear masks has been lifted except for mass transportation and healthcare institutions. The mask mandate in those places shall continue until the number of daily new cases drops below 1,000.
Apr. 27, 2022
Erdoğan travels to Saudi Arabia
King Salman bin Abdulaziz Al Saud of Saudi Arabia has received the Turkish President Erdoğan in Jeddah. During his visit, Erdoğan also met with Crown Prince Mohammed bin Salman. The delegations of the two countries discussed cooperation possibilities in several fields, including healthcare, energy, food security, agriculture technologies, defence industry, and finance.
Apr. 29, 2022
Leading opposition figure sentenced to prison
Turkey’s Supreme Court of Appeals has partly upheld a lower court’s ruling against Canan Kaftancıoğlu, the head of the main opposition party CHP’s Istanbul branch. Her original sentence of almost 10 years in prison as punishment for social media posts was reduced to just below five years, while her ban from politics remained. The grounds for conviction were insulting public officials, including the president, and denigration of the state.
May 12, 2022
EU imposes anti-dumping duty on Turkish galvanized steel
The European Commission has introduced an anti-dumping duty of between 8 and 11% on galvanized steel products imported from Turkey. The EU accounted for a 56% share in Turkish galvanized steel exports in 2021.
May 12, 2022
Imports rise 30.7% in March
In March 2022, the exports of the Turkish economy increased by 19.8%, while imports were up 30.7% compared to the same month of the previous year (YOY). With exports of USD 22.7 bn, and imports of USD 30.9 bn, the trade deficit increased by 75.1% to USD 8.2 bn. In March, Germany remained Turkey’s primary export partner (USD 1.9 bn), leading the USA (USD 1.6 bn) and Italy (USD 1.3 bn). Russia was the country accounting for the most imports to Turkey (USD 4.2 bn), ahead of China (USD 3.6 bn) and Germany (USD 2.2 bn).
Apr. 29, 2022
Inflation continues to worsen
In April 2022, consumer prices in Turkey increased by 7.25% in comparison to the previous month, and the CPI went up by 69.97% YOY. The highest monthly increment was registered in food and non-alcoholic beverages (13.38%), followed by housing (7.43%). No decrease occurred among the main product groups. The biggest annual price increase was in transportation (105.86%). The domestic producer price index (D-PPI) rose by 7.67% monthly, and by 121.82% YOY.
May 5, 2022
Unemployment announced as 11.4% in March
In March 2022, some 3,800,000 people in Turkey aged 15 and older were officially out of work. The non-seasonally adjusted unemployment rate decreased by 1.7 points YOY to 11.4%. The labour force participation rate increased to 51.8% in total, and to 33.3% for females.
May 10, 2022
Industrial production keeps gaining
Turkey’s industrial production index in March went up by 9.6% YOY, with the manufacturing industry recording an increment of 10.6%. The highest increases in the manufacturing industry category occurred in the product groups “wearing apparel” (34.7%), “printing and reproduction of recorded media” (29.3%), and “leather and related products” (28.2%). Decreases were reported in “repair and installation of machinery and equipment” (-5.9%), and “fabricated metal products” (-0.7%).
May 13, 2022
Overview of Monthly Data