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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. 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

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  1. Economic outlook of turkey Alexia Manousou, First Secretary for Economic & Commercial Affairs Consulate General of Greece in Istanbul -Office of Economic & Commercial Affairs

  2. 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

  3. 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

  4. Greek exports to Turkey 2011-2012 (Source: tuik)

  5. Sectors in Turkish economy • Food & Beverages • Construction & Building Materials • Energy – RES (New Law) • Pharmaceuticals – Cosmetics

  6. 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%).

  7. Beverages & Spirits - Chapter 22 Turkish Imports • High special consumption tax • VAT:18% • Duties for wine: 50%

  8. 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.

  9. 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

  10. 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,

  11. 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

  12. New Law for RES in Turkey • INCENTIVES FOR RENEWABLE ENERGIES IN TURKEY:

  13. 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

  14. Imports of pharmaceuticals in Turkey

  15. 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

  16. 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. $

  17. 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%.

  18. Thank you for your attention Embassy of Greece in Ankara -Office of Economic & Commercial Affairs : ecocom-ankara@mfa.gr Consulate General of Greece in Istanbul -Office of Economic & Commercial Affairs: ecocom-istanbul@mfa.gr Website : www.agora.mfa.gr

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