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Banking and insurance
The Banking & Insurance sector – often referred to as the lifeblood of the real economy – is of vital importance in the modern credit-driven economic growth model. Among its functions are intermediation between savers and borrowers, ensuring funds are allocated efficiently; support of payment and settlement systems that facilitate trade and international economic relations; and provision of various products that mitigate risk and uncertainty. The accelerating pace of technological change, stricter regulation and shifting consumer habits are reshaping the traditional banking model and pushing the sector towards innovation-led growth.
Activities associated with Banking & Insurance are depositary and non-depositary credit intermediation and related activities, investment banking, securities brokerage, commodity contracts dealing and diverse financial investment activities. The sector also includes insurers, re-insurers and insurance brokerages, pension funds, health and welfare funds, monetary authorities, stock exchanges, and collection and credit agencies.
One of the world’s top 10 food producers, Turkey has a developed food and beverage industry, which both supplies a population of over 80mn and exports. The food and beverage processing sector accounts for 12.7% of Turkey’s total ...
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Turkey’s health insurance coverage reaches 98.4% of the population, according to the OECD Health Statistics 2017. The state, through the Ministry of Health (MoH), is the main provider of health services in the country, which still has very low ...
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Home to nearly 80mn people, Turkey ranks as one of Europe’s 10 largest markets in terms of consumption expenditure and among the five biggest in terms of food expenditure. This strong consumer demand fuels the retail sector, making it one of ...
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Since 2010, Turkey has introduced several key reforms to liberalise the mining sector in an attempt to attract foreign players and support government efforts to develop the country’s significant mineral resources. Developing the mining industry ...
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In order to keep up with rising demand in one of the world’s fastest growing economies, Turkey’s power sector has expanded at a rapid pace over the last decade. At the same time, increased electricity consumption has posed challenges for ...
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Turkey is a major crude steel producer, ranking third in Europe and eighth in the world in terms of 2016 output. The country was the world’s biggest scrap importer in 2016, as most of its plants have developed capacities that work on this type ...
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The banks, which represent 81% of the Turkish financial system by assets, are vital to the financial stability in the country. The local non-bank financial market is underdeveloped and the institutions operating in the segment are small, when ...
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Turkey’s insurance sector saw healthy premium growth rates over the 2012-2016 period, supported by rising employment, consumption and household incomes. Insurance premiums have increased nearly fourfold in the past decade. Still, insurance ...
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The Turkish information and communications technologies (ICT) sector has been expanding rapidly in recent years supported by the country’s young population, rising incomes and improving computer literacy. The sector achieved a real growth of 6 ...
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Turkey’s automotive sector grew strongly in 2016, with production hitting a new record high for the second straight year and exports exceeding the one-million mark for the first time ever. The expansion was supported by increased investments, ...
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