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construction company Ronesans and Tupras.
According to Fortune, 402 companies recorded a profit, while 98 announced losses last year.
The top 500 companies employed a total of 1.24mn people in 2019, up from the previous year’s 1.15mn.
The companies accounted for 46.2% of the country’s GDP, unchanged from 2018.
Refiner Tupras once again ​captured​ the top spot in the Istanbul Chamber of Industry’s Turkey’s Top 500 Industrial Enterprises list​.
The company’s production-based sales amounted to TRY88bn (around $14.5bn) in 2019, according to the chamber’s annual survey.
Auto manufacturer Ford was the second-biggest company with production-based sales of TRY37bn, followed by another automaker, Toyota, with TRY26bn.
Carmaker Oyak-Renault claimed the fourth spot in the list with TRY24.6bn of sales and oil refinery Star ranked fifth with TRY21bn.
The combined production-based sales of the top 500 companies increased more than 16% last year to stand at TRY1 trillion.
Those companies’ export revenues rose only 2.4% from 2018 to $74bn, according for 42% of Turkey’s total revenues from industrial exports.
Research and development expenses of the top 500 firms soared 152% in 2019 to TRY9.7bn, the survey also showed.
4.4 ​Labour and income
4.4.1​ Labour market, unemployment dynamics
Erdogan has been ​given​ the power to extend a layoff ban for up to another year​ following a July 23 vote in parliament. The layoff ban was first imposed in April for three months to help address the impact of the coronavirus (COVID-19) pandemic on jobs. Under a new law, Erdogan can extend the ban by three months at a time until June 30, 2021.
According to another section of the new law, Erdogan, Turkey’s first executive president, now has the authority to decide for each sector whether to extend the short labour pay benefit. The system provides additional wages to employees whose hours are cut short. The law also enables the payment of social security premiums from the unemployment fund for three months to private sector companies that return to normal working hours after benefiting from the short labour pay or cash support system.
The short labour pay and social security premium measures will expire at the end of the year as things stand.
Turkey is to extend a wage support system for one month​ to continue addressing impacts on citizens from its coronavirus (COVID-19) outbreak and lockdowns brought in to fight it, President Recep Tayyip Erdogan ​said​ on June 29, speaking after a cabinet meeting.
Cash aid provided to low-income families would also be extended for a month,
20​ TURKEY Country Report​ August 2020 ​ ​www.intellinews.com