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Consumption Drives Economic Growth In Turkey

July 1, 2012: 02:48 AM EST
Consumer goods companies are expanding their operations in Turkey, driven by the country’s economy, which grew 8.5 percent in 2011. Consumption accounted for 70 percent of Turkey’s output and the economy, which is reinforced by a strong banking system, seems immune to the direct impact of the European financial crisis. Tesco is opening 70 new retail stores; Unilever has tripled the size of its business in 11 years; and PepsiCo is introducing snacks and drinks. There are signs, however, that the economy is slowing down. Sales of fast moving consumer goods declined 1.3 percent in the year ending April 2012 compared with the previous year, according to Nielsen. Also, some economists are concerned about fast-growing loans.
Louise Lucas and Daniel Dombey, "Consumer spending on the rise in Turkey", Financial Times, July 01, 2012, © The Financial Times Limited
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