Turkey

While the economic downturn in neighbouring Europe affected Turkey’s automotive industry negatively in the years after 2008 – as its largest export market shrank – 2013 saw some signs of a recovery north of the border, with a concomitant boost to European sales. European car sales grew in 2014 and early 2015, with the vast majority of Turkey’s automotive exports destined for...

With the size of the market widely expected to double over the next decade, Turkey represents a major opportunity for retailers. Yet with recent years seeing big internationals pulling out or downsizing their participations, and as the pace of economic growth slows, consumer confidence is weakening and some challenges do remain. At the same time though, local groups have...

Sharia-compliant insurance, or takaful, is set to grow in Turkey, with its predominantly Muslim population showing increasing interest in Islamic finance products and the government keen to support their growth. Insurance of any kind can be a hard sell in Turkey, with the population generally averse to insurance cover and penetration levels as low as 1.4%, according to...

Whereas the global insurance industry saw growth slow over the course of 2013 and 2014, Turkey’s insurance sector displayed resilience, making it an attractive industry for investment and expansion opportunities. Despite fluctuations in other sectors and a depreciation of the local currency, in real terms Turkey’s insurance sector experienced significant expansion in both life...