The gross value added created by the largest 1,000 firms totaled TRY 373.4bn in 2020, according to a analyze made in the ‘ISO Turkey’s Top 500 Industrial Enterprises’ (ISO Top 500) and ‘ISO Turkey’s Second Top 500 Industrial Enterprises’ (ISO Second Top 500) surveys announced by the Istanbul Chamber of Industry (ISO) in May.
Among these 1,000 enterprises, the total gross value added created by 388 companies manufacturing tobacco products, coke and refined petroleum products, motor vehicles, food products, and basic metals amounted to TRY 200.5bn last year. Manufacture of tobacco products as well as coke and refined petroleum products created the highest value added. Three companies operating in the tobacco industry created an added value of TRY 51.1bn alone while four companies manufacturing coke and petroleum products created TRY 46.4bn value-added among these 1,000 firms. In the meantime, 70 enterprises operating in the motor vehicle sector created a gross value added of TRY 39.1bn. The value-added created by the food products and basic metal sectors amounted to TRY 32bn and TRY 31.7bn, respectively in 2020.
The total value added created by ISO Top 500 rose from TRY 255.3bn to TRY 322.1bn in 2020, compared to the previous year, while the value added created by ISO Second Top 500 surged from TRY 38.9bn to TRY 51.3bn in this period.
On the last trading day of the week, USD/TRY sees 8.68 while EUR/TRY hovers around 10.29-10.30.
Although oil prices slightly increased by the support of decline in the U.S. crude oil and fuel stocks, they seem to end the week nearly with a 3% decrease as concerns over oil production increase continue across the world as a result of calling off OPEC+ meetings. Brent crude is traded at USD 74.52 per barrel.
Gold prices have increased successively for three weeks. Concerns over the COVID-19 delta variant and decline in yields of the U.S. Treasury bonds have led investors into the yellow metal. Spot gold sees USD 1,804 per ounce.
The current account balance posted a deficit of USD 3.08bn in May, according to the Central Bank. The 12-month rolling current account deficit saw USD 31.9bn in this period.
The overall export unit value index rose by 13.1% in May, compared to the same month of the previous year, while the overall import unit value index surged by 29.1% in this period, according to the Turkish Statistical Institute (TurkStat).
The year-end inflation is expected to reach 15.64%, according to the Central Bank’s Survey of Market Participants.
Treasury and Finance Minister Lutfi Elvan will attend to the third Finance Ministers and Central Bank Governors Meeting of G-20.