istanbul chamber of commerce

President Recep Tayyip Erdoğan has voiced his "full confidence and support" for the medium-term program that was unveiled on Sept. 5.

The government will continue to work tirelessly to achieve the goals set out in the program to increase the welfare of citizens and to ensure the sustainability of our economy for our future generations, Erdoğan said.

Developers are waiting to see and analyze the direction loan rates will take in 2025 before launching new projects in the housing market, which has experienced a plunge in sales for months.

Currently, both consumer and construction companies are in the wait-and-see mode in an environment of high inflation and high interest rates.

Some 21,659 businesses have been fined a total of 47 million Turkish Liras ($1.44 million) for failing to comply with the regulation that mandates the visible display of price lists at the entrances and tables of restaurants, cafes and bakeries.

The government introduced the regulation at the start of 2024.

Despite an annual decline in revenues, the automotive industry once again topped the list of Türkiye's largest exporting sectors with shipments to foreign markets amounting to $2.6 billion in June.

The automotive sector's exports, which plunged 12.4 percent last month from a year ago, accounted for 14.1 percent of the country's export revenues.

Retail prices in Istanbul increased by 3.42 percent in June after rising 3.6 percent in the previous month, data from the Istanbul Chamber of Commerce (İTO) has shown.

The annual increase in retail prices also slowed from 82.2 percent in May to 82.1 percent last month.

Retail prices in Istanbul increased by 3.59 percent month-on-month in May, slowing from 4.5 percent in April, data from the Istanbul Chamber of Commerce (İTO) have shown.

The annual increase in retail prices in the country's largest city accelerated from 78.8 percent in April to 70.33 percent last month, while prices have risen 25.4 percent since the end of 2023.

Business leaders have voiced support for the measures announced by the government aimed at reining in spending and boosting efficiency in the public sector, saying that the package will contribute to the fight against inflation.

The savings package was unveiled by Vice President Cevdet Yılmaz and Finance Minister Mehmet Şimşek on May 13.

The monthly increase in retail prices in Istanbul slowed from 4.07 percent in February to 3.93 percent in March, according to data from the Istanbul Chamber of Commerce (İTO).

On the back of the March reading, the annual inflation in Türkiye's megacity accelerated from 76.58 percent to 74.22 percent.

Prices rose by 15.42 percent compared with the end of 2023.

The Istanbul Chamber of Commerce's (İSO) export climate index increased for a second month in a row in February.

The index measures the business conditions in key export markets of the Turkish manufacturing sector with any figure above the 50 no-change mark signaling an improvement in the export climate.

While the Health Ministry warns citizens to protect themselves from the recent increase in "cocktail virus" cases, production has come to a halt in the mask facilities that Türkiye expanded with an investment of $50 million at the beginning of the COVID-19 pandemic.