Turkish Contractors Association (TMB) published July 2019 Issue of Construction Industry Analysis compiling macro and micro economy data through a global and national rigorous study, a popular analysis attracting interests of not only the industry but also all economy circles.
“Now is Economy” titled Construction Industry Analysis emphasizes that Turkish contractors diverted their efforts towards overseas business due to increasing challenges in local economy, saying that “they contracted a total of 109 projects, valuing 5.1 Billion USD, in the period from January to June of 2019 in the Overseas Contracting Services. Thus, the number of projects contracted so far has increased beyond 9.700 and total project value has reached up to 386 Billion USD”.
Pointing out that recently the industry mainly concentrates on project follow-up in many countries, the report states that “Current outlook shows that the industry will contract 10 thousandth projects overseas this year rising again up to the level of 2018 figures, namely 20 billion USD.
Following is a summary of key findings under the headings of “World”, “Turkey” and “Construction Industry” of 28-pages Construction Industry Analysis of Turkish Contractors’ Association:
- If conjectural developments are made better use of, a more promising picture can be painted.
- The engine of the economy, construction industry, has also continued to shrink in the first quarter of this year.
- Around 6 thousand applications, which contract price values around 170 billion TRY, currently filed at Ministry of Treasury and Finance, are expected to be finalized during July.
- Long and medium-term structural reforms aiming at making economy more efficient and shock-proof must be introduced and implemented.
- Turkish banking system and Turkish banks must be effectively promoted, steps must be taken to ensure markets to accept the guarantee letters of our banks directly and this should be a key topic of the official visits.
- It seems possible in Russia to achieve again 5-6 Billion USD/year, the figures in the period from 2012 to 2015, in a short time.
- There is a potential to have a significant share in reconstruction of Iraq.
- Upon the entering into force of African Continental Free Trade Area Agreement in July 7th, the world’s largest business market has become accessible, which has an economic size of 2.5 trillion USD with a population of 1.2 billion people.
- As part of cooperation with third countries, it is aimed at bringing together entrepreneurship skills of Turkish companies and local market knowledge, notably of Africa and Eurasia and financial capabilities and technologies of Japan.
- House prices and destocking turnover has been dropping down across Turkey.