Economy Plans for growth have given wings to Turkey's machine tool industry

Author / Editor: Stéphane Itasse / Barbara Schulz

Turkey - The government in Turkey has big plans: By 2023 Turkey will advance to become one of the ten biggest economies of the world, currently it is the 17th. Even if observers have doubts about the feasibility, the machine tool industry will get highly powered through this plan.

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The Turkisch industry is growing and becoming modernised. Thus, a number of opportunities are opening up for the machine tool industry.
The Turkisch industry is growing and becoming modernised. Thus, a number of opportunities are opening up for the machine tool industry.
(Photo: Siemens)

The government's plans also include decreasing the high amount of import of industry and energy. To achieve this they will not just carry out in-depth reform of the structures but also promote starting their own production.

Growth in Turkey has weakened a little lately

However, the economic growth of Turkey has weakened in the last year to an estimated 3%, in 2013 according to the world bank, it was still 4.1%. But this was preceded by a boom for a long duration: According to the information provided by the German-Turkish chamber of commerce, in the last ten years from 2002 to 2012, Turkey has more than tripled its gross national product (GNP) from 231 billion USD to 820 billion. Many industrial nations suffered temporarily from one of the biggest financial crises since the 1930’s while Turkey had an average growth rate of 5.1%.

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For OECD, Turkey is the fastest growing economy from its member countries. According to the chamber, the exports have highly increased in the last decade and now stand at 152 billion dollars. The most important exports also include industrial products.

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About the author

 Stéphane Itasse

Stéphane Itasse

MM MaschinenMarkt