TR Economy & Updates

[UkroTurk]

Trump's economic plans will have a very positive impact on Turkiye. As it is less dependent on US trade. Additional +2.2% Real GDP by 2028

View attachment 71981

USA -2.8/-9.7 as if Trump were Turkish spy

 

[Huelague]

Trump's economic plans will have a very positive impact on Turkiye. As it is less dependent on US trade. Additional +2.2% Real GDP by 2028

View attachment 71981

Good opportunity to improve our trade with EU. Customer union update.

 

[Saithan]

it'd be a problem to increase our trade with EU only, I think getting better trade relations with Asia, Africa, S America etc. are more important. dream on about the custom union update. not going to happen unless WW3 explodes and the west/EU brutally needs Türkiye, something like 20 nukes already launched or such or EU being invaded hardcore.

 

[B_A]

TURKSTAT Corporate

data.tuik.gov.tr

Our GDP is good in this two years

But even our GDP is catching up Spain ,Korea and Australia(the gap is about 30%)

We still lack enough high-value companies and Brand(like Baykar in defence industry)

 

[Huelague]

TURKSTAT Corporate

data.tuik.gov.tr

Our GDP is good in this two years

But even our GDP is catching up Spain ,Korea and Australia(the gap is about 30%)

We still lack enough high-value companies and Brand(like Baykar in defence industry)

We need this fucking customer union update.

 

[B_A]

Türkiye's current account balance recorded another monthly surplus, posting nearly $1.9 billion (TL 66.27 billion) surplus in October and bringing the 12-month deficit further down, official data from the country's central bank showed on Thursday.
The balance posted a larger-than-expected surplus of $1.88 billion in October, according to the data shared by the Central Bank of the Republic of Türkiye (CBRT).



A Reuters poll from last week expected the current account to record a surplus of $1.32 billion in October, with forecasts by 11 economists polled ranging from $900 million to $1.9 billion surplus.
The economists in the Bloomberg poll similarly estimated the balance would register a surplus of around $1.3 billion. The current account posted a surplus of $3 billion in September.



Gold and energy excluded current account balance indicated a net surplus of $7.16 billion, the bank noted.
In the month, the goods deficit recorded $3.5 billion, while services saw a net inflow of $6.45 billion, the CBRT said. Travel items, under services, recorded a net inflow of $5.1 billion.
Primary income recorded a net outflow of $1.05 billion and secondary income recorded a net inflow of $20 million. Direct investment recorded a net outflow of $204 million.
When looked at on an annualized basis, the current account balance showed a deficit of $7.7 billion, the central bank data revealed.



In September, the annualized current account balance had a deficit of $9.5 billion.
The central bank, pledging to fight inflation, has gradually hiked its policy interest rate to 50% from 8.5% since June last year.
Türkiye also introduced measures to cap strong domestic demand, one of the main reasons for higher imports, and to boost investments and exports to improve the current account balance.
Economists expect the current account deficit to continue to improve this year as monetary and fiscal policy remains tight.

Narrowing trend​

Citi in a recent note said the current account balance will register a surplus of about in October driven by a surplus in the services balance.
"Developments to date suggest to us that the current account deficit is on track to narrow this year to about 0.6% of GDP (gross domestic product) from about 3.6% in 2023 due mainly to a slowdown in activity, a normalization in gold imports and a softer energy bill."
The foreign trade deficit, which constitutes a major part of the current account balance, declined 10.5% and stood at $5.91 billion in October. The January-October deficit fell 30.1% to $65.85 billion.
Last year, the current account deficit narrowed to $45.2 billion from $48.8 billion in 2022.
The median of the current account deficit forecasts for 2024 in a Reuters poll was $10.25 billion, with estimates ranging from $5 billion to $11 billion of deficit.
In the government's medium-term program, updated every September, the 2024 current account deficit is estimated to be $22 billion but government officials have said the current account deficit will narrow further.
Trade Minister Ömer Bolat said in a post on X on Thursday that the current account "has given a surplus for the first time in five years for five consecutive months."
"The current account deficit has decreased by $32.8 billion to $3.3 billion in the first 10 months of 2024," he noted.
"Positive trend in current account balance continues," Vice President Cevdet Yılmaz said.
"Improvement in the current account balance contributes to the disinflation process by strengthening economic and financial stability," he added.
Reiterating that the annualized current account gap has narrowed to $7.7 billion as of October, Yılmaz said that "the balance of services supports the improvement in the foreign trade deficit."
"While the strong outlook in external financing is maintained, our reserves are also increasing," he said.
"The positive results obtained from macroeconomic indicators reveal the effectiveness of our economic program," he further said.
"With the impact of the rebalancing policies and reforms we will implement within the scope of the Medium Term Program (MTP), we expect the current account deficit to be around 1% of national income by the end of 2024," Yılmaz noted.

 

[Huelague]

Turkish exports hit new record of $262 billion despite 'painful' 2024

Türkiye's exports reached a new all-time high in 2024, President Recep Tayyip Erdoğan announced on Friday, stressing the achievement despite what he...

www.dailysabah.com

„Our goods exports for 2024 increased by 2.5% compared to 2023, reaching $262 billion,"

 

[Scott Summers]

Imagine, tiny Netherlands had in 2023 a export of 667 billion.

Our export should hit skyrockets with our geographic position.

 

[Huelague]

Imagine, tiny Netherlands had in 2023 a export of 667 billion.

Our export should hit skyrockets with our geographic position.

Imagine that 85mio population, too. At least $ 1 trillion is what we should expect.

 

[Saithan]

Do you guys know how industrialized Netherlands is, have you seen how they do farming, and then take a look at Türkiye.

If every Village had a farming machinery building with Tractors, harvesters etc. and even professionals to support farmers, conduct soiltest etc. including making worm fertilizers to support farmers then we might be able to make more progress, but it is everyman for himself, and only people with good neighborhood relations that help each other, if at all.

Inside the Agriculture in Turkey – Agrowell

Turkey's economy has been developing at a rapid pace for several decades. Numerous sectors of the Turkish economy have seen substantial shifts.

agrowell.com.tr

Türkiye’s progress in sustainable agriculture

Türkiye's recent economic growth and agricultural sector development have placed considerable pressure on nature. Therefore, sustainable agriculture and organic farming practices have become increasingly crucial. Farmers and consumers alike recognize the benefits of these methods for both nature...

www.agroberichtenbuitenland.nl

 

[Deliorman]

When the Dutch were developing the first stock exchanges and international banks, doing world trade and later were part of the first industrial revolutions... What were we doing in our grand Empire?

The Netherlands in the 1500s had literacy rates that the Ottomans reached in the end of their existence as an Empire. There is nothing more to say.

 

[Agha Sher]

Imagine, tiny Netherlands had in 2023 a export of 667 billion.

Our export should hit skyrockets with our geographic position.

A lot of Netherlands trade is with neighboring countries. UK, Germany, Belgium, France. All major economies. Who do you want Turkiye to trade with? Bulgaria, Greece, Syria, Iraq, Georgia?

 

[Scott Summers]

When the Dutch were developing the first stock exchanges and international banks, doing world trade and later were part of the first industrial revolutions... What were we doing in our grand Empire?

The Netherlands in the 1500s had literacy rates that the Ottomans reached in the end of their existence as an Empire. There is nothing more to say.

I agree. When they invented multinationals as Fokker, Philips and DAF, we were building statues and fighting about headscarfs.

 

[Agha Sher]

I agree. When they invented multinationals as Fokker, Philips and DAF, we were building statues and fighting about headscarfs.

Now they are fighting about headscarfs while Turkiye is founding companies like Baykar, Fergani Space, Delta V etc.

 

[Tornadoss]

I agree. When they invented multinationals as Fokker, Philips and DAF, we were building statues and fighting about headscarfs.

And were Fokker, Philips, DAF invented overnight? How we are investing in education? With more religious schools and courses?

 

[Turkic]

And were Fokker, Philips, DAF invented overnight? How we are investing in education? With more religious schools and courses?

Almost any country in the world has religious schools. People really love to support when a western country do smth but they criticize it when we do the same. Cut it and think healthy please. We have slightly good education system for a 85 million country with a young population. There's nothing to do if there's no good college for who didn't get in top %10 in uni exams. It's people's fault to see it as a problem. Most of the population should be technicians in a country (population excluding service sector). What can I do if every single person tries to get a diploma ? They should get a job, learn it and then get their mastery certificate. It provides more money income than most diplomas. There's no diploma for everyone. We raise top class engineers and the best doctors in the world, no ? So what's the problem ?

 

[Rooxbar]

Globalization and faster spread of technologies makes societies look more similar on the surface than they actually are and this fools people. If we put aside the technological aspect, and look at some social and cultural parameters, no eastern nation has yet reached the level of social dynamism achieved by several west European nations already in late 18th century (except perhaps Japan approaching pre-WWII and since 80s onward).

Interesting thing is none of that dynamism had borne much fruit yet when it comes to military technology and economic productivity, hence seeming to some observers like Ottomans could sometimes hold their own, this leading some to conclude Ottoman decline started only in late 18th century; or based on Avshar Nader's performance against Ottomans to lead some to argue even Afsharid Iran could've held its own against any number of European powers.

And when it comes to economic productivity, some have argued (and this revisionist view is becoming mainstream because of the new cultural relativism fad), as there wasn't much mass production yet and India and China still produced much more and had a more sizeable economies, that western dominance only started in 19th century, hence having to produce "industrial revolution" like a deus ex machina to account for the rapid "out-of-nowhere" overtaking in numbers which occurred.

 

[what]

I agree. When they invented multinationals as Fokker, Philips and DAF, we were building statues and fighting about headscarfs.

Got it. The headscarf discussion is what held back our muftis and tarikats from inventing the next jet fighter.
Go ahead Scott, you can wear your headscarf anywhere now. Go, invent something. /s

While they were teaching their kids and women how to read, we still had illiteracy rates of 90%. Your polemics are dumb and out of place.

 

[Scott Summers]

While they were teaching their kids and women how to read, we still had illiteracy rates of 90%. Your polemics are dumb and out of place.

The rates were 90% because they switched from the Ottoman alphabet to the Latin alphabet. You thought it was easy to change the entire alphabet from a great nation and expect that they could write and read it in a fortnight?

 

[Huelague]

A lot of Netherlands trade is with neighboring countries. UK, Germany, Belgium, France. All major economies. Who do you want Turkiye to trade with? Bulgaria, Greece, Syria, Iraq, Georgia?

Did you know, that (just) North Iraq was our second biggest trading partner, before Arab spring? Without that „US-Spring“, Iraq would surpass Germany as our biggest trading partner!
Did you know, that Ahmedinejad (Iran) and Türkiye reached an agreement to boost our treading volume to $100 billion? Only an update of EU customs union would Türkiye bring additional +2% GDP growth (estimation of OECD)…