The Middle East

Despite declines in the agriculture sector’s share of GDP since the early 2000s, Turkey still has prominent enough resources and the right climate for agriculture to be a leading sector of the economy. Turkey is the world’s seventh-biggest agricultural producer. While production is somewhat restrained by GMO regulations, the country remains ahead of EU competitors in this regard and is the Middle...

It has been even more clear to the Turkish transport industry in the past few years that an improved transit network is crucial to accommodate the nation’s population growth and urban migration. The government has made transportation a priority, and the private sector is responding. Turkish Airlines, the national flagship carrier, has been updating its network to improve the efficacy of both...

The construction sector responded to the 2008-09 financial crisis with promising growth on the back of rising urbanisation and a newly announced urban renewal plan to secure the nation’s cities against earthquakes. Additionally, international interest in the country’s real estate investments, particularly from the Middle East, is helping to drive the sector. With a constantly rising need for...

In defiance of global economic woes, Turkey managed to grow its export base, which resulted in an increase in industrial production of 9%. Turkey has been seen as an inexpensive alternative to European export products, mainly for regional buyers, and the country has hosted a booming trade in consumer goods. Vehicle sales rose by some 14%, steel production by 17%, and white goods sales jumped 19%...

While the country has been poor in many energy resources, Turkey’s geography has been central to its economic success. To better leverage this advantage, the government is working with the private sector to make Turkey central to the transit and storage of natural gas and petroleum resources. Electricity demand steadily increased at about 8% per annum, and this is driving the formulation of...

The Insurance chapter examines Turkey’s relatively small insurance market, which has seen steady growth with the expansion of the nation’s GDP. The sector is dominated by banks, which provide the most accessible outlets for customers. The sector is extremely crowded and very competitive, which has made it difficult for insurers to grow their business. Despite the challenges, however, gross...