Exports Keep Turkish Market Afloat

December 2006 | BMI View

BMI's Turkey Automotive Report forecasts a sharp drop in automotive sales in 2006, with the decline in the market likely to last into 2007. Domestic sales fell 10% y-o-y in the January-November period to 586,446 units, with passenger car sales down 12.4% and commercial vehicle sales down 6.8%. The sharp and unexpected drop in the automotive market matched broader macroeconomic trends, with Turkish GNP growth slowing to 3.0% y-o-y in Q406, well below expectations and down from 8.8% in Q206. Interest rate hikes prompted by the central bank's cumulative 450bps hike in its overnight lending rate in June-July are largely

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