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In the first half of 2019, Germany, Europe’s largest economy, purchased some $7.4bn worth of goods from Turkey, corresponding to 10% of the country’s overall exports, according to data from the Turkish Exporters’ Assembly (TIM). The Turkish automotive industry’s shipments to Germany were valued at $2.2bn while clothing exports generated $1.5bn. Europe’s economic powerhouse also purchased $514mn worth of electrics & electronic equipment from Turkish companies while its chemical product imports from Turkey stood at $459mn. However, Turkey’s overall exports to Germany in the first half of the year declined by 7.8% on an annual basis and further bad news is that German economic growth is expected to weaken this year. According to the European Commission’s latest economic forecasting, German growth will slow to 0.5% this year after reaching 1.4% in 2018. Growth is expected to return to 1.4% next year, but that’s less than the 1.5% the commission predicted earlier.
31 TURKEY Country Report August 2019 www.intellinews.com