Turkey

Rising demand for fuel and oil derivatives, combined with an expanding petrochemicals sector, is driving growth in Turkey’s refining industry, with competition set to heat up over the next few years for the increasingly lucrative market. 

As part of an overhaul of the financial markets in Turkey, plans for the Istanbul stock exchange to be floated early next year are gathering pace with Borsa Istanbul (BIST) management looking to offload some of its shares in the bourse ahead of the listing.  

For a regular star-performer among emerging markets, the Turkish economy had a modest year in 2014, with the rate of growth easing and the lira tumbling, though exporters managed to post record earnings despite weaker demand from some key markets. 

Consumer sentiment in Turkey is weakening as the pace of economic growth slows and consumers tighten their purse strings, potentially slowing the retail sector’s stellar performance in recent years. 

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.

Improved political stability helped lift August property sales in Turkey, while the government is looking to infrastructure investments to stave off a downturn in the overheated construction sector. A glut of empty residential properties and high interest rates had curbed growth in property sales in recent times.