Turkish cement producers faced a challenging year in 2016 as geopolitical and domestic events impacted on the country’s economy. However, domestic cement demand potential remains sound and going forward, relatively modest growth is expected as the government invests in public housing and infrastructure to support its growing population. By Turkish Cement Manufacturers’ Association (TÇMB), Turkey.
Growth in the Turkish economy stalled for the first time since 2009 in 3Q16. Terrorist incidents, the war along the southeastern border and the aircraft crisis between Russia and Turkey negatively impacted tourism revenues and the country’s economic standing. Ratings agencies Standard & Poor’s, Moody’s and Fitch removed the country’s investment grade ratings. Economic growth declerated to 2.9 per cent in 2016. Inflation showed a slight fall from 8.81 per cent in 2015 to 8.53 per cent one year later, according to the Turkish Statistical Institute.
