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TRY27bn.
Ford Otosan, a joint venture between the country’s largest industrial group Koc Holding and the Ford Motor Company, has reported a 16% y/y increase in its net profit to Turkish lira (TRY) 1.96bn ($303mn) in 2019. Profitability was strong despite the weak domestic market and ongoing cost pressures resulting from local currency depreciation and high inflation. Rising export demand supported profitability.
4.4 Labour and income
4.4.1 Labour market, unemployment dynamics
Turkey’s unemployment problem is just beginning. Despite all the data manipulations, the official number of unemployed people in Turkey broke consecutive records in 2019. Previous synthetic loan growth cycles did not increase employment, but ended up producing FX deposits or drawing in imports.
4.4.2 Income dynamics
17 TURKEY Country Report March 2020 www.intellinews.com