Page 38 - TURKRptNov20

Despite the sharp depreciation of the Turkish lira, the automotive sector’s export revenues fell 0.4% on an annual basis in the month to $2.65bn.
In the first nine months of 2020, auto production declined more than 19% from a year earlier to stand at 854,000 units. A total of 576,000 passenger cars were manufactured in January-September, marking a 18% y/y drop.
Total vehicle sales increased 76% y/y to 508,000, the OSD also said, adding that the passenger car market expanded 70% as sales in this segment amounted to 389,000 units.
Export revenues of the industry shrank 24% y/y in January-September to $17.4bn.
8.1.3​ Transport sector news
Turkey’s airports ​served​a total of 62mn passengers in coronavirus pandemic-afflicted January-September this year, marking a 61.7% y/y decline.
Domestic traffic was down nearly 51% on an annual basis to 37.5mn passengers while the international traveller tally nosedived 71.4% y/y to 24.3mn in the first nine months of 2020, according to data from airports authority DHMI.
Istanbul Airport, Turkey’s mega airport, saw a 54% decline in overall passenger traffic as it welcomed only 18mn passengers in January-September. Some 5.9mn domestic travellers used the airport in the period, equivalent to a 48% y/y decline, while international passenger traffic at the hub dropped as much as 63% y/y to 12.4mn.
In a sign that tourism activity in Turkey is not yet out of the woods, the airport in Antalya province, one of the country’s top Mediterranean holiday destinations, saw its number of passengers plunge 76% y/y to 7.1mn with international passengers declining 80% on an annual basis to 4.8mn in the nine months.
Similarly, Adnan Menderes airport in Izmir province on the Aegean coast, served 4.2mn passengers, representing a 56% decline from a year ago. Only 849,000 international travellers went through Adnan Menderes, making for a 68% y/y drop.
8.1.4 ​Construction & Real estate sector news
Homes sales declined by 6.9% on an annual basis to 137,000 units in September,​according to ​data​from the national statistics authority, TUIK.
The sharp drop was caused by higher interest rates as the authorities tightened monetary policy.
Mortgage-financed home sales plunged nearly 39% y/y in the ninth month after a 123% y/y increase in August. Despite the stark decline in September, mortgage-financed sales increased by 171% in the January-September period from a year earlier to 509,000 units.
Also in the first nine months of the year, a total of 1.2mn homes changed hands, marking a 34% y/y increase.
Overall home sales and mortgage-financed sales soared 210% y/y and nearly 1,300% y/y in June, thanks to cheaper loans that local banks, particularly
38​ TURKEY Country Report​ November 2020 ​ ​www.intellinews.com