Standing out as an exception on the European continent, the Turkish economy showed resilience at the end of 2022 and posted very reassuring results: +3.9% growth in Q3 2022. As usual, the services sector finished in the lead with +13.9%, while the primary and secondary sectors grew by +1.1% and +0.1% respectively. Comparing these results to the previous quarters, Turkey recorded a +6.2% growth between January and September 2022. As of the latest date, the OECD expects +5.3% growth in 2022, and in 2023 for the Turkish economy.
The first sign of a lowering of the price curve came after a slowdown in inflation in November. The consumer price index fell -1.1% month-on-month for an increase of +84.4% year-on-year. The producer price index recorded a -21.7% decrease month-on-month and an increase of +136% year-on-year. In the context of the historic loss of value of the Turkish lira against the US dollar, the Turkish Central Bank has indicated that it is not reconsidering its policy in terms of key rates, which remain at 9%.
During the month of December, the EU adopted the Carbon Border Adjustment Mechanism (MACF). Announced as part of the Green Deal for Europe, the MACF must come into force in 2026 and apply to the most polluting sectors (iron and steel, aluminum, cement, fertilizers, electricity) to extend to all sectors. in 2030. It is meant to introduce a tax on the import of products with a high carbon footprint entering the EU single market from third countries.
Far from being worried, Turkish industrialists are taking the lead by investing massively in solar roofs and sustainable solutions. Decarbonizing their activity will be a means of adapting to these new requirements while increasing the value of their production, a valuable asset for export success. While the draft Turkish climate law is being drafted, two-thirds of Turkish SMEs surveyed in 2022 by TÜRKONFED, considered the European Green Deal as a business opportunity. In 2023, the Turkish private sector intends to arm itself as best as possible to meet the challenges of the present and seize the opportunities of the future.