September 2025

In Q2 2025, Türkiye’s GDP grew by 4.8%, continuing the positive momentum that began in 2021. This sustained growth is also reflected in recent forecasts: the European Bank for Reconstruction and Development (EBRD) raised its projections to 3.1%, while the OECD adjusted theirs to 3.2% (up from 2.9%).

Inflation, though still persistent, is showing signs of improvement, declining from 32% at the start of the year to 28.5% by the end of August 2025. The Turkish lira remains fragile, and the trade deficit continues to expand, leaving economic stability dependent on ambitious structural measures. In this context, the government unveiled a three-year economic program for the 2025–2027 period, aiming to stabilize the economy while supporting sustainable growth. The plan focuses on three main pillars: curbing inflation, reducing the budget deficit, and stimulating economic growth. Specifically for inflation, the program targets a gradual decline from 28.5% at the end of 2025 to 16% in 2026, 9% in 2027, and 8% in 2028.

On the international front, Türkiye has also faced trade tensions. In August 2025, the United States increased tariffs as part of its “reciprocal tariffs” policy. While several major partners such as China, India, and Russia were subjected to rates ranging from 25% to 41%, Türkiye was placed in the lower bracket at 15%, following an initial rate of 10% in the spring, thereby limiting the impact on its exporters.

Despite these internal and external challenges, Türkiye continues to demonstrate resilience and economic appeal. GDP growth, structural reforms, and openness to foreign investment confirm that the country remains a strategic hub for industry, trade, and innovation in the region.

Economic & business news from Türkiye

Türkiye Records 4.8% Growth in Q2 2025

The Turkish Statistical Institute (TÜİK) has released Türkiye’s economic growth figures for the first quarter of 2025. Türkiye’s GDP grew by 4.8% year-on-year, exceeding market expectations of 3.87%. The construction sector, with a strong increase of 10.9%, was the main driver of this growth, while household consumption rose by 5.1%. In current prices, Q2 GDP reached USD 377.6 billion.

Other sectors contributing to this growth included:

• Information and communication activities: 7.1%
• Industry: 6.1%
• Trade, transport, accommodation and food services: 5.6%
• Professional, administrative and support services: 5.4%
• Financial and insurance activities: 2.6%
• Real estate activities: 2.6%

In contrast, the agricultural sector contracted by 3.5%, and public administration, education, human health, and social services declined by 1.2%. Exports of goods and services increased slightly by 1.7%, while imports posted a sharp rise of 8.8%.

Türkiye’s economy had recorded growth of 2.3% in both Q2 2024 and Q1 2025. The 4.8% expansion in Q2 therefore reflects a notable rebound in growth momentum.

Source: Dünya, September 1, 2025

Six Turkish Companies Among the World’s Best

TIME magazine, in partnership with Statista, has published its ranking of the world’s top 1,000 companies. The evaluation is based, among other factors, on three main criteria: revenue growth, employee satisfaction, and sustainability performance.

At the top of the list are global giants:

• Nvidia, in first place, driven by the rise of AI
• Followed by Microsoft, JPMorgan Chase, Alphabet, Amazon, and Meta.

From Türkiye, six national companies made it into the ranking:

• Sabancı Holding (131)
• Koç Holding (161)
• Turkcell (219)
• Turkish Airlines (314)
• Türk Telekom (441)
• Zorlu Holding (501)

This presence highlights the growing prominence of local players on the international stage and their increasing alignment with global standards in performance and sustainability.

Notably, Apple did not appear on this year’s list due to declining financial results over the period under review.

Source: Ekonomist, September 14, 2025

Cruise Tourism: Türkiye Reaches Its Highest Level in 12 Years

Türkiye’s cruise tourism sector is experiencing exceptional momentum. Between January and August 2025, nearly 1.5 million passengers were welcomed across 18 ports, marking the best performance in the past 12 years.

The number of cruises increased by 17% compared to 2024, rising from 753 ships in 2024 to 878. Passenger traffic surged by 56% compared to 2023 and by 18% compared to 2024. August alone set a monthly record with 357,646 passengers.

Iconic ports such as Istanbul and Kuşadası remain key destinations, while new ones are emerging in Çanakkale, Sinop, Trabzon, Samsun, and Marmaris.

This growth not only boosts tourism revenues but also contributes to the economy and cultural life of port cities. With Galataport Istanbul playing a leading role, Türkiye is now positioning itself as one of the world’s most attractive cruise destinations.

Source: Daily Sabah, September 25, 2025

Sakarya Gas Field: Italian Company Saipem Secures USD 1.5 Billion Contract

Saipem has been awarded a new offshore contract by Turkish Petroleum OTC for the third phase of the Sakarya gas field development project in Türkiye. The contract is valued at approximately USD 1.5 billion.

Discovered between 2020 and 2022, the Sakarya field holds around 710 billion cubic meters (Gm³) of gas, potentially covering nearly 30% of the country’s annual consumption in the long term. It is located about 170 km off the coast of Filyos, in Zonguldak province (Northern Türkiye). The third phase of the project involves the installation of a new floating production unit (FPU), fed by 27 wells in the Sakarya and Amasra fields, connected to the onshore Filyos plant on Türkiye’s Black Sea coast via a new main pipeline.

The scope of Saipem’s contract includes engineering, procurement, construction, and installation (EPCI) of 8 rigid pipelines as well as a 24-inch, approximately 183 km export pipeline (GEP) that will link the offshore field, located at a maximum depth of 2,200 meters, to Filyos. The total contract duration is about 3 years, with the offshore campaign scheduled to begin in 2027.

Saipem successfully completed the first phase of the Sakarya field development, awarded in 2021, which has already supplied gas to 4 million households. The company is currently finalizing the second phase, awarded in 2023, targeting production of 20 million cubic meters per day (Mm³/day) by 2025. With the third phase, production is expected to reach 40 Mm³/day by 2028.

With this new contract, Saipem further strengthens its presence in Türkiye and its role in a strategic project contributing to the country’s energy independence.

Source: Saipem, September 10, 2025

Strategic Solar Project Worth USD 700 Million

The Chinese high-tech company Astronergy Solar will invest USD 700 million in Balıkesir, Türkiye, to build a solar cell production plant with a capacity of 5 GW. Construction is expected to start by the end of the year, and the plant, built in two phases, will reach full capacity by 2028.

The facility will produce wafers, cells, and solar panels based on advanced TOPCon 4.0 technology, which significantly improves energy efficiency. Ultimately, 80% of the production will be destined for export, primarily to the United States and Southern Europe, while the remainder will supply the domestic market.

This project is part of the HIT-30 program, which aims to make Türkiye a global hub for high-tech industries by 2030. Astronergy is already established in Türkiye with a 1 GW facility in Adana, and this new investment underscores the country’s strategic importance in the global renewable energy value chain.

In a context where the pandemic highlighted the limits of centralized production models, Türkiye stands out as an attractive platform for industrial diversification and large-scale projects. With more than 12 GW of installed capacity worldwide, Astronergy is a major player in solar energy and, through this project, strengthens Türkiye’s role in the global energy transition.

Source: Anadolu Agency, July 22, 2025

Gebrüder Weiss Takes Control of Senzi Lojistik

The international transport and logistics company Gebrüder Weiss has announced the acquisition of a majority stake in Sienzi Lojistik, an Istanbul-based player specializing in customs logistics and warehousing. The transaction, expected to be finalized in January 2026 pending regulatory approval, marks a strategic milestone for the group. It strengthens Istanbul’s hub as a full-service logistics center, integrates Sienzi’s expertise in bonded warehousing, and opens the way to new business segments, particularly in textiles and industry.

Operating under the name Sienzi Lojistik – a Company of Gebrüder Weiss, the business will continue to be led by Murat Doğan, who will also remain a shareholder.

Founded in 2007, Sienzi Lojistik employs 42 staff and operates a modern Type A bonded warehouse with a storage capacity of 5,000 pallets and facilities covering over 28,000 m² in total. Gebrüder Weiss, headquartered in Austria, is a global leader in integrated logistics with more than 8,600 employees, 180 international locations, and a turnover of EUR 2.71 billion in 2024. Present in Türkiye for over 20 years, the group benefits from Istanbul’s location as a strategic hub connecting Europe, Asia, and the Middle East.

With this acquisition, Gebrüder Weiss reinforces its commitment to providing integrated, long-term logistics solutions while strengthening Türkiye’s role in international trade.

Source: Ekonomi Gazetesi, September 4, 2025

Joe & The Juice Opens Its First Juice Bar in Istanbul

The Danish café and juice bar chain Joe & The Juice has opened its first outlet in Türkiye at the Emaar Türkiye shopping mall in Istanbul. This launch marks the beginning of an ambitious development plan: 80 outlets are planned over the next ten years, including 8 in the first year and 25 within three years.

Beyond Istanbul, the brand is targeting major cities such as Ankara and Izmir, as well as strategic tourist destinations like Bodrum and Çeşme.

Founded in Denmark in 2002, Joe & The Juice already operates more than 430 outlets across 16 countries. With a concept focused on energy, health, and urban lifestyle, the brand aims to attract Turkish customers seeking modern and dynamic experiences.

This expansion is made possible through a franchise partnership with Food Quest Restaurants Management LLC, which will support the brand’s national growth. This new phase will be led by Bahadir Tuğcan Dağcı, Brand & Country Manager of Joe & The Juice Türkiye, who will oversee local development and the expansion strategy.

For the international brand, Türkiye represents one of the most dynamic and promising markets in the region, thanks to its young population, strong urbanization, and attractive tourism market.

Source: Türkiye Today, September 13, 2025

Türkiye, 3rd Largest Market Worldwide for Citroën

Citroën recorded a remarkable commercial performance in August in Türkiye, confirming the strategic importance of the Turkish market for the French brand.

According to Bora Duran, Citroën Brand Director, Türkiye became in August the 2nd largest country in the world in terms of sales, just behind France. Over the first eight months of 2025, the country ranks as the 3rd strongest market after France and Italy. As a result, 9% of Citroën’s global sales now come from Türkiye.

Key figures for Citroën in Türkiye:

• 40,395 units sold since the beginning of the year
• 5% market share
• 21.6% of passenger car sales are electric; the new e-C3 and e-C3 Aircross models launched in May have strongly contributed to this trend
• The C4 X model alone represents 53% of passenger car sales
• Light commercial vehicles account for 35% of Citroën sales in Türkiye

With its investments in new technologies and electrification, Citroën is strengthening its competitiveness and confirming Türkiye as a key market for its global development.

Source: Dünya, September 22, 2025

Hyundai Becomes the First Foreign Manufacturer to Produce EVs in Türkiye

Hyundai Motor Türkiye has announced that it will begin production of its IONIQ 3 model in 2026 at its Izmit plant in Türkiye. This decision makes Hyundai the first foreign manufacturer to produce electric vehicles on Turkish soil, and the second player after TOGG to contribute to the transformation of the local market. The IONIQ 3 will primarily target European markets, including the United Kingdom, Germany, and France.

Key data on Türkiye:

• Türkiye is the 4th largest EV market in Europe, growing from 1% to 15% in five years, with more than 30% expected by 2030.
• The country already has 30,000 charging points (+50% in one year), offering infrastructure competitive with Europe.
• The EV fleet exceeds 200,000 vehicles and is expected to reach 1 million by 2030, requiring nearly 100,000 charging stations.

Currently, Hyundai’s plant in Türkiye has an annual production capacity of 245,000 units and manufactures the i10, i20, and Bayon models. In 2027, completely redesigned versions of the i20 and Bayon will be introduced, including their hybrid variants.

Hyundai Motor Group plans to invest USD 90 billion worldwide by 2030, launching 21 fully electric models and 13 hybrids. “The goal in Türkiye is to sell 90,000 units by 2030, with a significant share of electric vehicles,” says Murat Berkel, General Manager of Hyundai Motor Türkiye.

With this move, Hyundai confirms its commitment to positioning Türkiye as a major industrial and logistics hub for the production and export of electric vehicles to Europe.

Source: Türkiye Today, September 12, 2025