TURKISH CAR SECTOR SUFFERS FROM SOARING INFLATION AND A PLUNGING CURRENCY
October 1st, 2018
THE SEVERE depreciation of the Turkish lira (TRY) this summer has adversely affected the car sector, with domestic sales halving. While the country’s USD31 billion automotive export market has not been so badly impacted, manufacturers’ bottom lines have taken a hit due to the higher cost of importing key raw materials.
The Turkish automotive sector was already struggling at the beginning of the year due to the economic slowdown, high interest rates, and inflation. Domestic sales grew by just 2% in the first quarter, the lowest in four years. By the end of ...
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