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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