Source: Trading Economics
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Source: Central Bank of the Republic of Türkiye
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According to Statistics Estonia, in 2022, the total production of industrial enterprises fell by 1.9% at constant prices compared with the year before. Of the three main industrial sectors, production increased by 7.3% in mining and by 5.4% in energy production but decreased by 2.7% in manufacturing.

Source: Statistics Estonia
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The results of Istanbul Chamber of Industry Turkey Manufacturing PMI survey (Purchasing Managers Index), the fastest and most reliable reference for the manufacturing industry’s performance that is the leading indicator of economic growth were announced for the term of August realized as 54.3. Following the sharp fluctuation resulted from the Covid-19 pandemic, the Turkish manufacturing sector demonstrated a strong performance for three months in a row. In this period, new export orders also increased, however they were slower than the total new orders.

According to Istanbul Chamber of Industry Turkey Manufacturing PMI August data, great majority of the manufacturing industries remained in the recovery zone in August, but trends across different lines of business put forward obvious separations. Eight of ten sectors followed recorded a production increase in August. The highest increase was realized in the land and sea vehicles sector that experienced a record growth due to improved demand conditions. Production in both the food products and clothing and leather goods sectors moved to the growth zone once again.

The results of Istanbul Chamber of Industry Turkey Manufacturing PMI survey (Purchasing Managers Index), the fastest and most reliable reference for the manufacturing industry’s performance that is the leading indicator of economic growth were announced for the term of July 2020. Based on the survey results where all figures measured over 50,0, the threshold value point out to sectoral improvement, PMI which was measured as 56,9 in July increased to 54,3 in August. On the other hand, the index which is clearly above 50,0 that is the threshold value pointed out to a strong improvement in operation conditions on monthly basis. Following the sharp fluctuation resulted from the Covid-19 pandemic, the Turkish manufacturing sector demonstrated a strong performance for three months in a row.

In the past months, customer demand has improved since the Covid-19 restrictions were loosened. This tendency maintained its existence in Auguest as well and one of the highest increases of the last two and half years was realized in the new orders. In this period, new export orders also increased, however they were slower than the total new orders.

Expansion in production volume moved the current growth trend to the third month. Increase in the production volume realized in the highest speed of the last nine years and then lost its speed slightly; however, it protected its strong progress. The increase in the production requirements enabled the employment to increase for three months in a row and this speed maintained its existence in August as well. Despite of the sharp increase in the new orders, expansion in operational capacity enabled companies to continue working on their current business. Therefore, accumulated works proceeded horizontally following the increase observed in July. Growth in new orders encouraged firms to increase employment and purchasing activities. On the other hand, the increase in input stocks was very slight since they were used to directly support the increase in the production. The depreciation in the currency resulted in a sharp and accelerated increase in input costs during the month. Inflation rate increased to the highest level since October 2018. Accordingly,the firms realized the highest increase of the last 23 months in sales prices.

Andrew Harker, Economy Director of IHS Markit who evaluated the Istanbul Chamber of Industry Turkish Manufacturing PMI Data expressed that: “Turkish manufacturers could largely maintain the strong growth pace observed in the previous month in August as well. The recent PMI data showed that the industry continued to recover after the production deceleration in the crisis of Covid-19. Firms continued to create jobs in August, which help maintain the production growth. On the other hand, the signals of increasing inflationary pressures drew attention. The sharpest increase of the last two years was realized in both input costs and product prices.”

Most of the sectors remained in recovery zone

According to Istanbul Chamber of Industry Turkey Manufacturing PMI August data, great majority of the manufacturing industries remained in the recovery zone in August, but trends across different lines of business put forward obvious separations. Several sectors continued to have difficulties depending on the ongoing impacts of Covid-19 pandemic; however, they got close to the balancing point.

Eight of ten sectors followed recorded a production increase in August. The highest increase was realized in the land and sea vehicles sector that experienced a record growth due to improved demand conditions. Production in both the food products and clothing and leather goods sectors moved to the growth zone once again. The two sectors where production decreased in the middle of the third quarter were wood and paper products and non-metallic mineral products. While new orders increased in the six of the ten sectors, the strongest increase experienced in the base metal sector. On the other hand, impact of Covid-19 on international demand maintained its existence and in the half of the sectors, new export orders decreased. Efforts to support growth in production resulted in increase in employment as widely overall. While weaknesses in the currency resulted in a sharp increase in input costs in all sectors followed, input price inflation increased in nine of the 10 sectors. This increase was realized in the highest rate since the late-2018 in most of the sectors. End product prices increased in all 10 industries for the first time in more than a year.

Source: Data of Istanbul Chamber of Industry
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Source: TurkStat
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Source: Ministry of Trade (link: https://www.trade.gov.tr/free-zones/general-outlook)
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According to the news of Hürriyet Daily News, German automotive giant Volkswagen is not actively looking for new locations as an alternative for the production plant in Turkey, a company spokeswoman said on Oct. 22.

“We are watching developments very closely. Our plans for Turkey are currently on hold,” Leslie Bothge told Anadolu Agency.

Volkswagen Turkey Otomotiv Sanayi ve Ticaret A.S. was established early October with capital of 943.5 million Turkish liras ($164.5 million), according to the Turkish Trade Registry Gazette.

The company was founded to design, produce, assemble, sell, import and export automobiles, trucks and all sorts of motor and transport vehicles and their parts and components.

The German carmaker was expected to invest more than € 1 billion for the factory and start production in 2022.

The Volkswagen Group, established in 1937, is the owner of several vehicle brands, including Audi, Seat, Skoda, Lamborghini, Porsche, Bentley, Man, Ducati, and Scania.

Other prominent auto manufacturers -including Fiat, Ford, Hyundai, Mercedes, Renault, and Toyota -have manufacturing operations in Turkey.

Source: Hürriyet Daily News
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Provisional Article 19 was added to the Unemployment Insurance Law Numbered 4447 and it is stated in the said Article that; ‘’Premium support is provided to employers from the Fund and it will be deducted monthly from all the premiums the employer will pay to the SSI;

-by not exceeding the amount calculated by multiplying the daily gross minimum wage and the number of days that the insured is going to pay premium, in the case where the company operates in the manufacturing or information sector,

-in the total amount of the premiums of the insured and employer’s shares, calculated on the insured person’s income dependent on premium designated in accordance with article 82 of Law numbered 5510,

– in the total amount of the premiums of the insured and employer’s shares, calculated on the lower limit of the insured person’s  income dependent on premium designated in accordance with article 82 of Law numbered 5510, in the case where the company operates in other sectors,

on condition that the employees who are selected among the unemployed that are registered to the Institution and  employed between 01.01.2018 and 31.12.2020 by the private sector employers within the scope of subparagraph (a) of first paragraph of article 4 of Law numbered 5510;

-are not reported to the SSI for 10 days in total during the period of three months before the month they are employed in, within the scope of subparagraphs (a) and (c) of the first paragraph of article 4 of the Law numbered 5510 and

-are not insured within the scope of subparagraph (b) of the first paragraph of article 4 of Lae numbered 5510, except for voluntary insurance,

-are added to the average number of insured in the withholding tax return and premium service declaration or monthly premium and service declarations that were reported by the company they were employed the year before.

Source: İSMMMO
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If you calculate costs according to 7/A, it is not required to keep a ledger. If you record the cost calculations according to 7/B, you are required to keep a factory ledger.

Source: İSMMMO
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Definition of Free Zone
Free Zones are defined as fenced-in areas in which special regulatory treatment exists for the operating users in order to promote exports of goods and services. Free zones offer more convenient and flexible business climate in order to increase trade volume and export for some industrial and commercial activities as compared to the other parts of country.

Definition of Free Zone

• Promoting export oriented investment and production.
• Accelerating foreign direct investment and technology access.
• Directing enterprises towards export.
• Developing international trade.

Activities
In general, all kind of activities can be performed in Turkish Free Zones such as:

• Research and Development (R&D),
• Manufacturing,
• Software,
• General trading,
• Storing,
• Packing,
• Banking and insurance.

Investors are free to construct their own premises, while zones have also available office spaces or warehouses on rental basis with attractive terms. All field of activities open to Turkish companies are also open to joint-venture of foreign companies.

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