İKMİB Chairman Adil Pelister's Written Assessment

Written Assessment from İKMİB Chairman Adil Pelister Adil Pelister, Chairman of the Board of the Istanbul Chemical Substances and Products Exporters Association (İKMİB), provided a written assessment regarding Turkey's economy third quarter 2022 growth data announced today by the Turkish Statistical Institute (TÜİK). Pelister: "Our country demonstrated strong growth in the first two quarters of this year at 7.5% and 7.7% respectively. In the third quarter, it grew by 3.9%. In sectoral growth, the manufacturing sector saw an annual increase of 0.3% in the third quarter. Goods and services exports increased by 12.6% in the third quarter. The contribution of net exports to growth was 0.7 percentage points. Due to numerous factors including the Russia-Ukraine crisis, global economic and political developments, inflation pressures, energy costs, and exchange rate and parity fluctuations, a decline in growth was expected in the third and fourth quarters. Particularly, recession signals from the EU and US began to become more pronounced in the final quarter. We have started to see the impact of this situation on our exports in certain raw materials and other sectors we supply with semi-finished products. Our chemicals sector, as the leading export-generating sector, continued its upward performance. Our chemicals sector grew approximately 40% in the third quarter compared to the third quarter of 2021 and achieved USD 8.76 billion in exports. Compared to the second quarter of this year, there was a 5% decline in exports. International organizations have revised upward the country's year-end growth expectations, and growth above 5% is anticipated. We also expect our chemicals sector to close the year with growth close to 30% on an annual basis" he said.