Turkish Economy Targets 10th Place Worldwide by 2023

A money changer counts Turkish lira bills at a currency exchange office in Istanbul. (Reuters)
A money changer counts Turkish lira bills at a currency exchange office in Istanbul. (Reuters)
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Turkish Economy Targets 10th Place Worldwide by 2023

A money changer counts Turkish lira bills at a currency exchange office in Istanbul. (Reuters)
A money changer counts Turkish lira bills at a currency exchange office in Istanbul. (Reuters)

The Turkish government aims to push its economy to the tenth place in the world, and the third in Europe by 2023. Turkish Economy Minister Nihat Zeybekçi stated that an International Monetary Fund (IMF) report issued last week showed that the Turkish economy has ranked 13th in the world and fifth in Europe.

According to the report, the GDP in Turkey hit $1.51 trillion based on purchasing power, compared with $1.5 trillion in Spain in 2012.

The minister pointed out that the time didn’t help rating agencies to renew speculation about the growth and development of the Turkish economy, noting that some agencies expected a growth of 2 percent in 2017, while others predicted a 2.8 percent, and 3 percent growth, yet, the economy grew by 5 percent in the first quarter.

Zeybekçi expected his country’s economy to grow between 5.1 and 5.5 percent in the second quarter, pointing out that growth would reach 7.5 percent in the third quarter.

According to the IMF report, the projected GDP in Turkey will reach $2.08 trillion by the end of 2017, followed by Italy with $2.3 trillion, France with $2.83 trillion, Britain with $2.91 trillion and Germany with $4.13 trillion. The report also estimated Turkey's purchasing power in 2017 to stand at $25,780, compared with $16,900 in 2010. Turkey aims to raise the average income per capita from about $10,000 currently to $25,000 in 2023.

The trade volume of the Aegean region, western Turkey during the first half of this year hit about $21 billion. According to the customs department’s data, the value of exports to the Aegean region reached $10.667 billion during the first half of 2017, while imports were $10.449 billion.

The Aegean region is one of Turkey's seven regions located in the western part of the country. It includes eight states: Izmir, Afyon, Aydin, Denizli, Manisa, Kutahya, Mugla and Oshak.

On the other hand, the Turkish Leather Exporters' Federation announced that exports of Turkish leather amounted to $858 million during the last seven months of 2017, and the shoe sector acquired $470 million of them.

Shoe exports to the Russian Federation reached $18 million in the same period last year, while it surged by $129 to $41 million in 2017. As a result, the Russian market has become the second importer of Turkish shoes after Iraq.

"Exports of the Turkish shoe industry are increasing every year. Turkish shoes are exported to 160 countries, and we can exceed $1 billion in the short term," said the federation’s chairman.

He pointed out that Russia is one of the most important markets in the Turkish shoe industry and will be participating for the first time at the Euro Shoes exhibition in Moscow in February and August of 2018.

Farouk Hanoglu, head of the shoes industry association in the Aegean region said that the shoe industry provides jobs for 200,000 people, adding that the exhibition and the quality of shoes made the Russian market top the export list.

On the other hand, Minister of Culture and Tourism of Turkey Numan Kurtulmuş said that the number of tourists who visited Turkey during the first six months of this year exceeded 15 million and that tourism income since the beginning of the year was over $9 billion.

He added that six million tourists visited Istanbul during the first seven months of this year, among them were 500,000 Germans.

Kurtulmuş explained that Turkey aims to boost the number of tourists to 50 million by 2023, and the tourism income to $50 billion.

The culture and tourism minister stressed the importance of work to diversify tourism in the country, noting that Turkey is already investing in various types of tourism, such as health, sports, religious, mountain, winter tourism and more.



Hormuz LNG Traffic Hits Highest in October since Iran War Began

 Vessels at the Strait of Hormuz, as seen from Musandam, Oman, November 9, 2026. REUTERS/Stringer
Vessels at the Strait of Hormuz, as seen from Musandam, Oman, November 9, 2026. REUTERS/Stringer
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Hormuz LNG Traffic Hits Highest in October since Iran War Began

 Vessels at the Strait of Hormuz, as seen from Musandam, Oman, November 9, 2026. REUTERS/Stringer
Vessels at the Strait of Hormuz, as seen from Musandam, Oman, November 9, 2026. REUTERS/Stringer

The monthly ‌tally of laden liquefied natural gas (LNG) tankers exiting the Strait of Hormuz reached its highest in October since the US-Iran conflict disrupted shipping this year, vessel tracking data showed.

-Last month, 31 LNG tankers went through the key waterway, according to data from S&P Global Energy, of which 23 were loaded at Ras Laffan in Qatar and eight at Das Island in ‌the United Arab Emirates.

-October exports were the highest ‌since ⁠February when the war ⁠started and were up from September's corresponding tally of 23 vessels exiting the strait, the data showed.

-"We are looking at UAE back to pre-war transit levels and Qatar at over 30% of pre-war Hormuz transits," said Eric ⁠Yep, a senior principal analyst at S&P ‌Global Energy.

-Kpler's ‌shiptracking data showed 42 LNG cargoes were loaded in ‌October, up from 27 in September.

-The ‌changes come as Ras Laffan's October loadings reached 35 cargoes, surpassing 2.7 million tons, the highest since the war started, according to Kpler data. Qatar exported ‌nearly 6.2 million tons in February.

-Two of the vessels carrying LNG ⁠from ⁠Ras Laffan that exited the strait subsequently conducted ship-to-ship (STS) transfers off the coast of Oman's Sohar anchorage, Kpler data showed. The SC Prestige transferred LNG to the BW ENN Crystal Sky, which is now bound for South Korea.

-The Al Mafyar moved its LNG to Shandong Redwood and Ejnan, both of which delivered the cargoes to Pakistan.

-Das Island exports held steady at seven loadings in October, flat with September, Kpler data showed.


Gold Prices Ease as Focus Shifts to US Inflation Data

The People's Bank of China's gold holdings increased by 830,000 ounces in October (Reuters)
The People's Bank of China's gold holdings increased by 830,000 ounces in October (Reuters)
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Gold Prices Ease as Focus Shifts to US Inflation Data

The People's Bank of China's gold holdings increased by 830,000 ounces in October (Reuters)
The People's Bank of China's gold holdings increased by 830,000 ounces in October (Reuters)

Gold prices eased on Tuesday as investors locked in profits after bullion's more than 1% rally in the previous session and awaited US inflation data for clues on the Federal Reserve's policy path.

Spot gold was down 0.4% at $4,124.42 per ounce, as of 0618 GMT. US gold futures for December delivery rose 0.5% to $4,133.00.

"It's just ‌a bit of ‌churn in the market. Prices are ‌easing back ⁠from the highs ⁠reached during the US session, which could be attributed to profit-taking," said Kyle Rodda, senior financial market analyst at Capital.com.

"If we continue to see a situation where the US does not want to escalate the conflict in the Middle East and oil prices are reversing as a result, that'd be very ⁠beneficial for gold because of its impact on ‌the dollar, inflation and interest ‌rate expectations," Rodda said.

US President Donald Trump said on Monday he plans ‌to hold off on new military strikes against Iran for ‌the time being after appeals from countries in the region, including from Qatar's prime minister in White House talks. Oil prices fell on Tuesday, extending losses from the previous day, Reuters said.

Meanwhile, the US central bank ‌should move its monetary policy "with care" as it maps a response to inflation that remains its ⁠greatest risk, ⁠Richmond Federal Reserve President Tom Barkin said on Monday, adding he had no base case for what should be done at the December meeting.

Traders currently see an 84% chance that the US Fed will raise rates in December, according to CME's FedWatch tool.

Higher interest rates increase the opportunity cost of holding non-yielding bullion, reducing its appeal.

Investors now await the consumer price index report, due later in the day, followed by the producer price index data on Friday.

Among other metals, spot silver slid 0.3% to $53.22 per ounce, platinum steadied at $1,577.57 and palladium dropped 0.2% to $1,039.16.


Oil Falls as Trump Downplays Prospect of Escalation with Iran

Oil prices are set for a sharp weekly decline amid expectations of a de-escalation in the Iran war following election losses suffered by Trump's party (Reuters).
Oil prices are set for a sharp weekly decline amid expectations of a de-escalation in the Iran war following election losses suffered by Trump's party (Reuters).
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Oil Falls as Trump Downplays Prospect of Escalation with Iran

Oil prices are set for a sharp weekly decline amid expectations of a de-escalation in the Iran war following election losses suffered by Trump's party (Reuters).
Oil prices are set for a sharp weekly decline amid expectations of a de-escalation in the Iran war following election losses suffered by Trump's party (Reuters).

Oil prices fell on Tuesday, adding to the previous day's losses after US President Donald Trump downplayed the need for military action against Iran "at this point", easing fears of sustained supply disruptions in the Middle East.

Brent crude futures declined 70 cents, or 0.75%, to $91.88 a barrel by 0246 GMT, while US West Texas Intermediate (WTI) futures fell 78 cents, or 0.90%, to $86.07 a barrel. Both benchmarks had fallen 1% earlier in the session.

Brent settled down 5.85% in the previous session after sliding to its lowest since ‌August 31.

Trump said ‌on Monday he plans to hold off ‌on ⁠new military strikes against ⁠Iran for the time being after appeals from countries in the region, including from Qatar's prime minister in White House talks.

Trump, in a Reuters interview and a later appearance in the White House press briefing room, said he plans to keep up a naval blockade in the Strait of Hormuz for now.

"The market continues to prioritize President Trump's ⁠more conciliatory tone toward Iran since the midterms," ‌said Tim Waterer, chief market analyst at ‌KCM Trade.

"While attacks on shipping around the Strait of Hormuz are still occurring, ‌they have not escalated in a way that has forced a ‌fresh risk premium into the market," he said.

On the supply side, OPEC oil output rose in October, a Reuters survey found, led by gains in Saudi Arabia, Kuwait and Iraq despite continued constraints on exports.

Brent has retreated ‌about 22% from the six-month high of $118 it touched on October 30 as fears that ⁠Trump might step ⁠up attacks on Iran following the US midterms have eased, however there is still concern shipping could be disrupted.

"Despite the recent selloff, prices are unlikely to fall below $90 per barrel for Brent without more durable signs of de-escalation and a US-Iran deal," Gregory Brew, a senior analyst with Eurasia Group said in a note.

"At the same time, risks to shipping remain high, as Iran continues to attack vessels transiting the Strait of Hormuz," Brew said.

Elsewhere, Russian and Ukrainian officials planned to meet on Tuesday for two days of US-brokered talks — their first since February — after Trump suggested last week that a broad peace deal was possible in their 4-1/2-year-old war and could incorporate Europe's security.