Key View

• We at Fitch Solutions have revised down our economic growth outlook slightly for Turkey, now forecasting real GDP growth of 5.6% in 2021 versus 5.9% previously.
• A combination of disruptions to consumer activity due to activity restrictions, tighter monetary conditions, high inflation and rolled back government support will see

Key View

• Following a significant increase in recent years, we expect Turkey's wheat imports to continue to grow.
• The majority of wheat imported by Turkey is used to manufacture wheat-based products for re-export. We expect demand for these products to increase, with growing opportunities particularly in Africa.
• Our expectation of continued

Key View

• We have revised our refined fuels demand forecast for Turkey down to -9.4% from -5.0% for 2020, due to a rapid rise of Covid-19 cases in late 2020 and resulting lockdown measures limiting mobility.
• Fuel demand is to rebound more strongly in 2021 and we have revised our forecast accordingly, from 5.0% to 8.0%. However, the currently

Key View

• We at Fitch Solutions have revised up our forecasts for Turkey’s economy in 2020, from a contraction of 3.4% to fall of 0.8%, before growing 3.8% in 2021.
• The sharp recovery in activity in Q320 was propelled by strong credit growth, which we expect to be curtailed sharply by policymakers in the near term to avoid the growing risk of

Key View

• We have made upwards revisions for our Turkish wind power forecast over the coming decade due to signals for strong growth. We now forecast nearly 18.6GW in total wind power capacity by 2029.
• Supporting our outlook, we highlight several factors which will result in robust growth within the sector, including a sizeable project

Key View

• Oil demand destruction in Turkey stemming from Covid-19 has been relatively milder than in many other markets. Nevertheless, refining margins have weakened sharply, with the country's high middle distillate yield dragging further to the downside.
• Margins are staging a recovery and will continue to do so over the coming years, as

Key View:

• Covid-19 has severely impacted 2020 demand. Demand is in recovery, but sticky social distancing behaviours, economic headwinds and the coronavirus reporting scandal all threaten near-term drags on growth.
• Turkey’s economic outlook has deteriorated due to the pandemic, as public and private sector debt loads have increased, external

Key View

• We maintain a positive long-term outlook for Turkey's solar sector, despite continued near-term challenges due to the Covid-19 pandemic and weakened macroeconomic conditions.
• Our positive outlook is supported by several factors, including expected strong growth in small-scale systems, an improving domestic supply chain, and a strong

Key View

• Domestic power operators play a key role in Turkey’s power and renewables competitive landscape. Numerous foreign companies operate in the sector, although at a much smaller share.
• Financiers for Turkey’s power and renewables projects also include a mix of domestic and international companies and organizations, with Turkish banks