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Republic of TurkeyMinistry of Economy
Melis AtamerCommercial Councellor
18 Februrary 2016
Republic of TurkeyMinistry of Economy
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OUTLINE
•Macroeconomic Outlook
•Foreign Trade Outlook and Foregin Direct Investment Outlook
•Turkey-Italy Bilateral Economic Relations
•Automotive and Energy Sectors
Republic of TurkeyMinistry of Economy
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Macroeconomic Outlook
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Republic of TurkeyMinistry of Economy
Top 20 Economies (Current)
Source: IMF
According to GDP calculated on purchasing power parity Turkey ranks as (2014); 17th largest economy in the World 6th in Europe.
4
Republic of TurkeyMinistry of Economy
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GDP Growth (%)
6,25,3
9,48,4
6,9
4,7
0,7
-4,8
9,2 8,8
2,2
42,9
2,3
3,8
-6
-4
-2
0
2
4
6
8
10
12
8, 4
6, 9
4, 7
8,8
4, 8
Perc
enta
ge
Source: TURKSTAT
IMF : Turkey 2015 - 3%2016 - 2,9%
OECD: Turkey 2017 - 3rd highest growing country
Prospects Source: TURKSTAT, IMF
Republic of TurkeyMinistry of Economy
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GDP per capita has tripled since 2002
Per Capita GDP (USD)
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 20142,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
11,000
3,492
4,565
5,775
7,0367,597
9,247
10,444
8,561
10,00310,428 10,459
10,82210.390
Republic of TurkeyMinistry of Economy
Central Government Budget Deficit/ GDP (%)
Source: Eurostat, TUİK* 2014
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Republic of TurkeyMinistry of Economy
Government Debt / GDP (%)
Source: Eurostat*2014
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Republic of TurkeyMinistry of Economy
Inflation (Annual Percentage Change)
Source: TURKSTAT
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As of December 2015, inflation rate is 8,8%
Republic of TurkeyMinistry of Economy
Unemployment Rates (%)
Source: TURKSTAT
As of October 2015, unemployment rate is 10,5% WB: Turkey has the 5th largest labor force in Europe.
Republic of TurkeyMinistry of Economy
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FOREIGN TRADE OUTLOOK
MERCHANDISE
Republic of TurkeyMinistry of Economy
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Merchandise Trade of Turkey (Billion $)
12
When compared to 2002, Turkish exports are 4,4 times; imports are 4,7 times higher in 2014.
Turkey’s share in global trade is increasing. 2014: export share-0,83%; import share-1,27%
Republic of TurkeyMinistry of Economy
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Shares of Country Groups in Merchandise Trade
Turkish Exports Turkish Imports
EU Coun-tries
43,5%
Other European Countries
9.6%African
Countries8.7%
American Countries
6.4%
Near East and Mid-dle East
Countries22.4%
Other Asian Countries
7.4% Others2.0%
EU Coun-tries
36,7%
Other European Countries
15,0%
African Countries 2.5%
Amer-ican
Coun-tries
7,8%
Near and
Middle East
Coun-tries
8,5%
Other Asian Coun-tries
23,2%
Others 6,4%
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Republic of TurkeyMinistry of Economy
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TOP TEN IMPORT COUNTRIES (2014)
Country Import (billion USD) Share (%)
Russia 25,3 10,4China 24,9 10,3Germany 22,4 9,2USA 12,7 5,3Italy 12,2 5,0Iran 9,8 4,1France 8,2 3,4South Korea 7,6 3,1India 6,9 2,9Spain 6,1 2,5List Total 136,1 56,2Total 242,2 100,0
TOP TEN EXPORT COUNTRIES (2014)
Country Import (billion USD) Share (%)
Germany 15,1 9,6Iraq 10,9 6,9
United Kingdom 9,9 6,3Italy 7,1 4,5France 6,5 4,1USA 6,4 4,0Russia 5,9 3,8Spain 4,8 3,0U.A.E 4.,7 3,0Iran 3,9 2,5List Total 75,1 47,7Total 157,7 100,00
Shares of Top Countries in Merchandise Trade
Republic of TurkeyMinistry of Economy
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Structure of Imports (2014)
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TOTAL IMPORTS
242,2 Billion $
Intermediate Goods176,7 Billion $
(Energy Imports: 54,9 Billion $)
Capital Goods36,0 Billion $
Consumption Goods29,0 Billion $
73 %
15 %
12 %
Republic of TurkeyMinistry of Economy
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Top 10 Product Groups in Turkey’s Imports
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Product Groups 2014 (million $)
2014 (%) Share
27 Mineral fuels, mineral oils etc. 54.906 22,7%
84 Machinery and mechanical appliances 28.104 11,6%
85 Electrical machinery and equipment 17.950 7,4%
72 Iron and steel 17.606 7,3%
87 Motor vehicles, parts and accessories 15.736 6,5%
39 Plastic and articles thereof 14.151 5,8%
71 Precious stones, precious metals and articles thereof 8.121 3,4%
29 Organic chemicals 5.833 2,4%
90 Optical, photographic,measuring, precision 4.878 2,0%
30 Pharmaceutical products 4.428 1,8%
LIST TOTAL 171.713 70,9%
TOTAL 242.224 100%
Republic of TurkeyMinistry of Economy
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Structure of Exports (2014)
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TOTAL EXPORTS
157,6 Billion $
Intermediate Goods75,1 Billion $
Consumption Goods65 Billion $
Capital Goods16,1 Billion $
48 %
42 %
10 %
Republic of TurkeyMinistry of Economy
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Top 10 Product Groups in Turkey’s Exports
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Product Groups 2014 (million $) 2014 (%) Share
87 Motor vehicles, parts and accessories 18.064 11,5%84 Machinery and mechanical appliances 13.595 8,6%61 Knitted and crocheted goods and articles thereof 10.029 6,4%85 Electrical, electronic equipment 9.693 6,1%72 Iron and steel 9.246 5,9%71 Precious stones, precious metals and articles
thereof7.717 4,9%
73 Articles of iron and steel 6.356 4,0%62 Non knitted and crocheted goods and articles 6.234 4,0%27 Mineral fuels, mineral oils etc. 6.112 3,9%39 Plastic and Articles Thereof 6.098 3,9%
LIST TOTAL 93.145 59,1%TOTAL 157.642 100,0%
Republic of TurkeyMinistry of Economy
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Customs Union Customs Union Agreement: come into force on January 1, 1996
(the Decision No: 1/95 of the Association Council)
Scope
All customs duties as well as quantitative restrictions applied on imports of industrial products from the Community are eliminated.
For products imported into Turkey from third countries, Turkey started to apply the Common Customs Tariff (CCT) of the Community.
Covers only the industrial and the processed
agricultural products
Traditional agricultural goods are outside the scope
Republic of TurkeyMinistry of Economy
FOREIGN DIRECT INVESTMENT OUTLOOK
October 2015 Ministry of Economy 20
Republic of TurkeyMinistry of Economy
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FDI Inflow # of Companies
• 2002 : 15 billion USD 6.000• 2003-2014 : 150 billion USD 41.528
Billi
on U
SDFDI INFLOW TO TURKEY
1993
-200
2 ...
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
*0
5
10
15
20
25
1.1 1.72.8
10.0
2.0
22.0
19.9
8.6 9.1
16.2
13.312.5 12.6
14,1*
Source: CBRT *Jan-November
Republic of TurkeyMinistry of Economy
The Sectoral Breakdown of Foreign Direct Investments
Source: CBRT
*January-July
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Republic of TurkeyMinistry of Economy
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FDI SOURCES
Source: Central Bank of Turkey
EU, 70,4%, 66%Non-EU, 5,1%, 5%
USA, 7,9%, 7%
Gulf Region, 7,8%, 7%
Others, 16,5%, 15%
2002-2013
EU, 63,5%Non-EU, 15,8%
USA, 2,3%
Gulf Region, 4,6%
Others, 18,4%
2014
Republic of TurkeyMinistry of Economy
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* Million USD
TOP TEN FDI INFLOWS AT A TIME (2002-2014)
Republic of TurkeyMinistry of Economy
BILATERAL ECONOMIC RELATIONS
Republic of TurkeyMinistry of Economy
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Turkey-Italy Agreements
Bilateral Investment Treaty signed in 22/3/1995
entry into force in 2/3/2004
Avoidance of Double Taxation Treaty signed in 27/7/1990
entry into force in 1/1/1994
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Republic of TurkeyMinistry of Economy
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Inflows (million USD)
Total Italy Investments between 2002-2014 in Turkey 2,8 billion $
Number of Companies with Italian Capital 1.264
20022003
20042005
20062007
20082009
20102011
20122013
2014
2015/Hazi
ran0
200400600800
Mill
ion
USD
Years
Turkish Investments in Italy Number of companies 51
Capital (million USD) 322
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Italy FDI in Turkey
Republic of TurkeyMinistry of Economy
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Main Export Items 2014 % Share
Motor Vehicles 1,488 20,84Fibre and Textile Products 924 12,95Vegetables, Fruits 764 10,70Clothing and Accessories 633 8,87
Electrical Machinery and Equipment 341 4,78Total 7,141 100
Main Import Items 2014 % Share
Crude Oil Products 1,548 38Machinery and Equipment (general use)
1,381 20
Machinery and Equipment (specific use)
1,222 13
Motor Vehicles 906 9
Iron and Steel 584 7Total 12,195 100*Million USD
Source: Ministry of Economy
Trad
e w
ith I
taly
Republic of TurkeyMinistry of Economy
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MEGA Projects Under ConstructionItaly-Turkey Partnership
Izmit Bay Bridge along Istanbul-Izmir Highway BOT Project
3rd Istanbul Bridge and Connected Highways
Etlik Entegre Health Campus Project
Republic of TurkeyMinistry of Economy
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3rd Country Projects of Italian-Turkish Companies
Astaldi-IctasPulkovo Airport /Motorway (St Petersburg)
Russian Federation
Astaldi-GulermakWarsaw Metro
Poland
Republic of TurkeyMinistry of Economy
AUTOMOTIVE AND ENERGY
Republic of TurkeyMinistry of Economy
AUTOMOTIVE SECTOR
Turkey
Production (2014) 1,170 million unitsExport (2014) 885.000 unitsGlobal Manufacturers in Turkey:
6th in Europe: Leader in light commercial vehicles 2st rank in CV production 6th in motor vehicle production
17th in the World
Republic of TurkeyMinistry of Economy
14 OEMs production capacity over 1.7 million units
4.000 component manufacturers 400.000 employmentExport champion (%16 share in total exports)%75 of production is designed for foreign
markets50 R&D Centers belongs to automotive manufacturers/suppliers
AUTOMOTIVE SECTOR
Republic of TurkeyMinistry of Economy
ENERGY SECTORLimited primary energy sources Dependent on imported energy One of the fastest growing energy markets A natural energy corridorClose proximity to more than 70% of worlds’ oil and gas reservesOn-going privatization process Power distribution is completely in private sector handsThe share of entities in the electricity generation sector
increased from 32% in 2002 to 75% in 2015Energy stock exhange has been recently established
Republic of TurkeyMinistry of Economy
ENERGY SECTOR• Baku-Tbilisi-Ceyhan (BTC) Petrol Oil Pipeline• Kerkuk-Yumurtalik Oil Petrol Pipeline• Samsun-Ceyhan Oil Petrol Pipeline• Baku-Tbilisi-Erzurum (BTE) Natural Gas Pipeline• Southern Gas Corridor• Trans-Anatolian Pipeline (TANAP)• Bosphorus (3.7% of the world’s daily oil consumption passesthrough the Turkish straits)
Republic of TurkeyMinistry of Economy
AVIATION SECTORTurkish Airlines Flies to more destinations than any other (283 destinations in 111
countries) Best Airline in Europe in 2015 (5th time in a row) The only airline to be decorated with 4 stars on all categories
11 destinations in Italy (Rome, Bologna, Catania, Genoa, Milan, Naples, Pisa,Rome,Tulin, Venice and Bari)
Republic of TurkeyMinistry of Economy
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Strategic Location of Turkey
Republic of TurkeyMinistry of Economy
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Turkey - Production and Export HubAccording to WTO data; Turkey is the World’s 22nd biggest exporter Europe’s number 2 and World’s number 9 commercial vehicle producer Europe’s number 1 and World’s number 9 bus, midi bus and mini bus producer Europe’s number 2 and World’s number 12 ship producer Europe’s number 6 and the World’s number 17 in Automotive Industry
production Europe’s number 1 and the World’s number 2 cement exporter Europe’s number 3 in plastic industry production World’s number 5 in exports of ceramic cover material and medicalappliances Europe’s number 6 in paint production Europe’s number 1 and the World’s number 8 in steel production
Republic of TurkeyMinistry of Economy
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Turkey - Production and Export Hub Among the World’s elite 5 jewellery producers Europe’s number 4 and the World’s number 7 in washing machine exports. The leading exporter of washing machines to the EU Europe’s number 3 and the World’s number 4 in dishwasher exports. The leading exporter of dishwasher to the EU Europe’s number 2 and the World’s number 6 exporter of fridges and freezers. Number 2 exporter of fridges and freezers to the EU World’s number 3 in exports of processed marbles Europe’s number 9 and the World’s number 14 in furniture exports World’s number 7 exporters of textile and garments Europe’s and the World’s number 2 in exports of carpets Europe’s and the World’s leading exporter of many agricultural goods
Republic of TurkeyMinistry of Economy
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Thank youFor more information
Address: Office of Councellor Commercial AffairsViale Pasteur 77, 00144, Rome / Tel: 0039065922334E-mail: roma@ekonomi.gov.tr / www.economy.gov.tr
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