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starting to build up behind the Ilisu dam on the Tigris river, a project which aims to generate 1,200 megawatts of electricity for southeast Turkey. The dam’s rising waters are expected to eventually submerge the 12,000-year-old town of Hasankeyf.
9.1.8 Metallurgy & mining sector news
9.1.9 Other sector news
White goods sales in Turkey plunged 31% y/y to 459,658 units in July, data from the White Goods Manufacturers’ Association (TURKBESD) showed on August 20. The data included sales of refrigerators, washing machines, dish washers and ovens.
The contraction in the sector amid Turkey’s economic travails gathered momentum in July after tax reductions that the government granted for white goods expired at the end of June. In June, sales rose 3.9% y/y. That gain followed a sharp 19.5% y/y decline in the previous month. People probably bought white goods in June anticipating that the government might not extend the duration of the tax break.
Sales on the domestic market fell by 12% on an annual basis to 3.4mn units in the first seven months of the year, TURKBESD data also showed.
The slowdown in the global economy is another negative factor hitting local home appliances makers. The white goods sector’s exports increased only 1% y/y to 1.55mn units in July, down from the 7.1% rise reported in the previous month. Shipments to foreign markets reached 10.5mn in January- July, marking a weak 1% y/y rise.
Local producers’ output moved down 10% y/y to 2.03mn units while seven- month production declined by 2% y/y to 14.04mn.
Earlier in the month, the Turkish central bank announced measures aimed at encouraging private lenders to pump more money into markets by providing more loans. It remains to be seen whether private banks are ready to turn on the credit taps, given that the economy is still not showing signs of a full and sustainable recovery.
74 TURKEY Country Report September 2019 www.intellinews.com