1. AUSTOS-EKM / AUGUST-OCTOBER 2014 SAYI / ISSUE: 04EXPORTERSWILLACHIEVETHEIRTARGETSTHANKS TOEUROPEHRACATIHEDEFNE AVRUPARZGRIYLAULAACAK

2. GNEY FRANSA'DA SEVGILISIYLELAVANTA BAHELERINDE YRMEYI SEVENLER KULB! www.tavpassport.com/edition444 25 75TAV Isletme Hizmetleri A.S. Havalimannda cretsiz otopark ve vale, cretsiz yurtii ve yurtds lounge kullanm, hzl pasaport, gvenlik geisleri ve ok daha fazlas... Siz de TAV Passport Edition Kart Snrsz Ayrcalklar Kulb'nn 1.500 sekin yesinden biri olun, dnya apnda ayrcalkla seyahat etmenin keyfini karn. tavpassportedition #cotedazur #frenchriviera #southfrance #boyfriend #lavender #gardens #frenchrivieralifestyle #holiday #picoftheday #sky #purple #nature #lavendergardens #beautiful #life #clouds #instagood #follow #photooftheday #happy #joy #luxury #havalimanndasnrszayrcalklarkulb #unlimitedprivilegesclub20K 3. STRATEGY 01BALARKEN / FRONT MATTERMerhaba,Drdnc saymz ile birlikte Strategy olarak bir ylmzgururla bitirmi bulunuyoruz. Bir yllk yolculuumuzutamamladmz bu sayda da okuyucumuza derin birperspektif salayacak dosya konularna yer verdik.Dosya konularmzdan biri hepimizi ok yakndanilgilendiren bireysel emeklilik konusu. Yenidzenlemelerle birlikte bireysel emeklilik sisteminedhil olanlarn says gemi yllara gre daha daykseldi. Devletin sisteme dhil olacaklara verdiitevik ile birlikte geen yl katlmc says 1 milyonkii artt. BES cephesinde geleceimizi garanti altnaalmak adna olumlu admlar atlrken ekonomimizinitici gc ihracat kapak konumuza tadk. 2014ylnn ilk yarsnda yzde 7.3 orannda art gsterenihracatmzda Irakta yaanlan gelimeler 2.5puanlk bir de sebep oldu. Ancak bu blgeye olanihracatmz snrlansa da yln ilk 6 ayn yzde 7.1 artlatamamladk. hracatmzn nemli hedef pazar olanOrta Douya barn hkim olmasn temenni ediyoruz.Bir nceki saymzda baladmz stanbulun markabinalar yaz dizisine bu saymzda Bankas Kuleleriile devam ediyoruz. Lezzet blmmz ise bu saydayenilemeye karar vererek sizleri stanbulun nadideotellerinin mutfaklarna davet ettik. Bu sayda Novotelstanbulun efi Cenap Varol ile gerekletirdiimizrportaj keyifle okuyacanz umuyoruz. ef Varol aynzamanda otel iin hazrlad lezzetli bir tarifi de sizleriin dergimizle paylat. te yandan sektrmzle alakaldosya konularn da derinlemesine ilemeye alyoruz.Konut pazarnn ykselen yldz Ankaray bu erevedeilerken bir baka dosyada da yurt dnda faaliyetgsteren Trk mteahhitlerinin baarlarn masayayatrdk.Her sayda daha da glendirdiimiz dergimizin busaysnda tm sektrleri yakndan ilgilendiren bir konuolan zelletirmeye yer verdik. zelletirme daresiBakan Vekili Ahmet Aksu ile bir sylei gerekletirdik.Dopdolu ieriiyle keyifle okuyacanz umduumuz busaymzn elinizden dmemesi dileiyle.Sayglarmla,H. Deniz BilecikGenel Yayn YnetmeniHello,The fourth issue of Strategy means we have proudlycompleted one year. In this issue, where we complete ourone-year journey, we have included files providing a broadperspective for our readers.One of our file topics is individual retirement, which closelyconcerns all of us. After new regulations, the number ofpeople participating in an individual retirement systemfurther increased in comparison with previous years. Alongwith incentives provided by the government to those whowill participate in the system, the number of participantsin the last year increased by 1 million. While there aresuch positive steps in the aspect of individual retirementto guarantee our future, we examined export in Turkey,which is the driving force behind our economy, as our coverstory. Recent developments in Iraq caused our exports,which showed a 7.3 percent increase in the first half of2014, to decline by 2.5. Although our exports to this regionhave been restricted, we finished the first six months of theyear with a 7.1 percent increase. We wish that peace will beestablished in the Middle East, which is an important targetmarket of our export.In this issue, we have continued with Isbank Towers, ourarticle series where we discuss the brand structures ofIstanbul, which we started in our previous issue. Decidingto renew our delight section in this issue, we are invitingyou to the kitchens of exquisite hotels of Istanbul. We arehoping that you enjoy reading our interview with CenapVarol, the chef of Novotel Istanbul. Chef Varol also sharedone of his delightful recipe with our journal for you, whichhe originally prepared for the hotel. We are also trying tothoroughly examine the files related to our sector. While weconsidered Ankara, the rising star of the housing market, inthis context, in another file, we discussed the success storiesof Turkish contractors working abroad in detail.In this issue of our journal, which we further enrich witheach issue, we have included privatization, a topic closelyconcerning all industries. We have included an interviewwith Ahmet Aksu, Deputy President of PrivatizationAdministration. Hope you enjoy this bumper content issue.Sincerely,H. Deniz BilecikEditor-in Chief 4. 02NDEKLER / CONTENTSAUSTOS - EKM / AUGUST - OCTOBER 2014GRNMVIEW04 TURZM GELRGEEN YILIN AYNI EYRENE GREYZDE 3,4 ARTTITOURISM REVENUEINCREASED BY 3.4 PERCENTCOMPARED TO THE SAME QUARTER INTHE LAST YEAR05 TAV HAVALMANLARI'NINBAARISI SRYORTAV AIRPORTS' SUCCESS CONTINUES06 KABOTAJ HATLARIHIZ KESTCOASTAL LINES EASED DOWN07 LK EYREKTE 257 BNN ZERNDEKONUT SATILDIMORE THAN 257.000 HOUSESSOLD IN THE FIRST QUARTER08 HAVACILIKTA YAZ DOPINGISUMMER DOPING IN AVIATION10KE: PROF. DR. DENZ GKECOLUMN: PROF. DR. DENZ GKETrkiye EkonomisininYl Ortas Deerlendirmesi!Mid-Year EvaluationOf Turkey's Economy!12YATIRIMCILARIN GZDES ANKARATI MORTE CONFES HORDI PUBLICAE HRACATI HEDEFNEAVRUPA'YLA ULAACAKEXPORTERS WILL ACHIEVE THEIRTARGETS THANKS TO EUROPEIt seems that the export volume of Turkey has caught up with its previous level.The export volume displayed a further increase of 7.3 percent in the first half ofthe year 2014. The positive momentum in the commerce with the European UnionCountries feeds the hopes of the exporters to achieve their year-end targets.Trkiye'nin ihracat eski performansn yakalam grnyor. hracat, 2014'nilk yarsnda da yzde 7,3 orannda artt. Avrupa Birlii lkelerinin ykselenperformans yl sonu hedeflerine ulamak iin mitleri artryor.26 KAPAK / COVER07 5. STRATEGY 0318 12POSTMODERN MMARNNSMGES: BANKASI KULELERTHE SYMBOL OF POSTMODERNARCHITECTURE ISBANK TOWERS22BES'DE DEVLET KATKISIAMACINA ULATIGOVERNMENT SUBSIDY ACHIEVEDITS PURPOSE WHERE INDIVIDUALPENSION FUND SYSTEM ISCONCERNED32KENT ULAIMDADENZYOLU DEVRMMARITIME REVOLUTION INURBAN TRANSPORTATION38ANADOLU'NUN TM LEZZETLERIBIR ARADAALL TASTESUNDER ONE ROOF44AHMET AKSU: "ZELLETRMELERAYNI KARARLILIKLA DEVAM EDECEK"AHMET AKSU: "PRIVATIZATIONSWILL CONTINUE WITH THE SAMECOMMITMENT"50TRK MTEAHHTLERZRVEYE OYNUYORTURKISH CONTRACTORS AREPLAYING FOR THE TOP56BR BORLANMA ARACI OLARAKSABT GETRL KIYMETLERFIXED INCOME SECURITIES AS DEBTINSTRUMENTKEIF/EHIREXPLORE/CITY60VOLGA'NIN NCS YAROSLAVLTHE PEARL OF VOLGA, YAROSLAVL64ADA VAPURUNDAN BYKADA'YA...Bykada, vapuruyla, mis gibihavasyla, nostaljik faytonlarylaziyaretilerine unutulmaz anlaryaatyor.ISLAND FERRY TO BYKADA...Bykada offers its visitors unforgettablemoments with its ferry, sweet-smelling airand nostalgic phaetons.32446450LEZZETGOURMET68BENIM IN MUTFAKRESIM IZMEK DEMEKFOR ME, COOKING IS LIKEDRAWING A PICTURENovotel stanbul'un Ba AsCenap Varol birbirinden farkllezzetler hazrlyor.Executive Chef at Novotel Istanbul CenapVarol prepares a diversity of delights.Akfen Holding A.. Adnamtiyaz Sahibi / PublisherH. Deniz BilecikGenel Yayn Ynetmeni ve SorumluYaz leri MdrEditor in ChiefH. Deniz BilecikYayn Kurulu / Publication BoardSeda OkayEmrah AkalnYayn Ad / Name of PublicationStrategyYayn Tr / Type of PublicationYerel Sreli / 3 Ayda BirTrke-ngilizceQuarterly, Periodical, Local,Turkish-EnglishYnetim Yeri / Head OfficeAkfen HoldingLevent Loft, Bykdere Cad. No: 201 >K: 1134394 Levent/stanbul/TrkiyeKollektif YaynclkReklam Tasarm ve erik Hizm. A..Mat-Set Plaza, Yeilce Mah.Emektar Sok No: 5 Kat: 4Kathane / STANBULTel: +90 212 912 11 22Faks:+90 212 324 02 07Direktr / DirectorEmin GrgnYaynlar KoordinatrPublications CoordinatorAynur enol AltunEkonomi Yaynlar Ynetici EditrManaging Editor of Economic PublicationsNesrin KoaslanProje Yneticisi ve Ekonomi EditrProject Supervisor and Economy EditorFigen Aypek AyvacProje SorumlusuProject ResponsibleSimgenur GdeberkEkonomi EditrEconomy EditorCenk SaroluYnetici Art DirektrManaging Art DirectorFatih DumluArt Direktr / Art DirectorAhmet elikSertan VuralGrafik Tasarm / Graphic DesignerSeval YararFotoraf Editr / Photo Editoreref YlmazBask / PrintingBilnet Matbaaclk Biltur Basm Yay. ve Hiz. A..Dudullu Organize Sanayi Blgesi 1. Cadde No: 16Esenkent - mraniye 34476 STANBULTel: 444 44 03Strategy dergisi ile ilgili nerileriniz iinstrategy@akfen.com.tr adresine mailgnderebilirsiniz.Any suggestions about Strategy magazine arewelcomed and should be adressed tostrategy@akfen.com.trContact / letiiminfo@collective.com.trwww.collective.com.tr71ETKINLIK RZGRI /A SERIES OF EVENTS 6. GRNM / VIEW04 AUSTOS - EKM / AUGUST - OCTOBER 2014T rkiyeye gelen ziyaretiler,seyahatlerini kiisel veyapaket tur ile organize edi-yorlar.2014 yln ilk eyreindeyaplan harcamalarn 4 milyar261 milyon dolarn kiiselharcamalar, 546 milyon 3 bindolarn ise paket tur harcama-laroluturdu. Ayn dnemdeyabanclarn ortalama harcama-s877 dolar, yurt dnda ikameteden vatandalarn ortalamaharcamas 1.230 dolar oldu.Ortalama kii bana harcamaise, 949 dolara ulat.TRK TURST IKIIARTIYORTrkiyeden k yapanziyareti says 2014 yl ilkeyreinde bir nceki yln ayneyreine gre %6,1 artarak5 milyon 65 bin kii oldu.Bunlarn %81,7sini yabanclar,%18,3n ise yurt dndaikamet eden vatandalaroluturdu. Yurt iinde ikametedip baka lkeleri ziyaret edenvatandalarn harcamalarndanoluan turizm gideri, geenyln ayn eyreine gre %13,3artarak 1 milyon 365 bin dolaroldu. Bunun 1 milyar 62 milyondolarn kiisel, 303 milyon 587bin dolarn ise paket tur harca-malaroluturdu. Bu eyrekteyurt dn ziyaret eden vatandasays bir nceki yln ayn eyre-inegre %4,1 artarak 1 milyon728 bin kii oldu. Bunlarn kiiba ortalama harcamas 790dolar olarak gerekleti.TURZM GELRGEEN YILIN AYNI EYRENE GREYZDE 3,4 ARTTITOURISM REVENUEINCREASED BY 3.4 PERCENTCOMPARED TO THE SAME QUARTER INTHE LAST YEARYABANCI TURISTLERIN KII BAINAORTALAMA HARCAMA MIKTARIPER CAPITA EXPENDITURE AMOUNTOF FOREIGN TOURISTSDOLARDOLLARS877YURT DIINDA IKAMET EDENVATANDALARIN TRKIYE'YE GIRIYAPAN TOPLAM TURISTLERE ORANITHE RATIO OF CITIZENS RESIDINGABROAD TO THE TOTAL NUMBER OFTOURISTS ENTERING TURKEY18,3 %Turizm geliri I. eyrekte bir nceki yln ayneyreine gre %3,4 artarak 4 milyar 807milyon dolar oldu. Turizm gelirinin %76,2'siyabanc ziyaretilerden, %23,8'i ise yurtdnda ikamet eden vatanda ziyaretilerdenelde edildi.The tourism revenue in the first quarterincreased by 3.4% and occurred as 4 billion807 million dollars. 76.2% of the tourismrevenue has been acquired from foreignvisitors while 23.8% obtained from citizenvisitors residing abroad.V isitors who come to Turkeyorganize their travels eitherpersonally or with packagetours. 4 billion and 261 milliondollars of the expenses in the firstquarter of 2014 was personaland 546.003.000 dollars wereassociated with package tourexpenses. In the same period,while the average expenditureof foreigners was 877 dollarsand the average expenditureof citizens residing abroad was1.230 dollars. The expenditure percapita reached 949 dollars.TURKISH TOURISTDEPARTURE INCREASESThe number of visitors departingfrom Turkey increased by 6.1%in the first quarter of 2014 andoccurred as 5.065.000. 81.7%were foreigners while citizensresiding abroad constituted the18.3%. The tourism expenditureconsisting of the expenses of ourcitizens residing in Turkey whovisit other countries increasedby 13.3%, in comparison withthe same quarter of the previousyear, and occurred as 1.365.000dollars. One billion 62 milliondollars of this expenditure waspersonal and 303.587.000 dollarswere associated with packagetour expenses. In this quarter, thenumber of citizens visiting abroadincreased by 4.1% in comparisonwith the previous year andreached to 1.728.000. The percapita average expenditure of thisgroup occurred as 790 dollars. 7. STRATEGY 05T rkiyenin havalimaniletmeciliindeki nckurumlarndan TAV,Trkiyede ilettii havali-mansaysn ve kapasitesinihzla artryor. Uak ve yolcutrafiinin yzde 35nin kar-landAtatrk Havalimantrafik artnda ba ekerkenokullarn kapanp tatilinbalad 13 Haziran Cumagn 24 saat iindeki uaktrafiinde 1294e, yolcu sa-ysndada 142 bin rakamnaulalarak tm zamanlarnrekoru krld.TAV Havalimanlarnn2035 yl sonuna kadar ile-tilmesineynelik ihaleyi 717milyon Euro art KDV bedeliile kazand Milas-BodrumHavalimannn iletilmesine15 Temmuz itibariyle balan-d.Havaliman bu yln ilk altaynda i hatlarda 714 bin ved hatlarda 588 bin yolcuyahizmet verdi.One of the leadingorganizations amongTurkeys airport man-agementis rapidly increas-ingthe number and capacityof airports operated in Tur-key.Meeting the 35% offlight and passenger traffic,Atatrk Airport, taking thelead in traffic increase, hasbroken an all-time recordby reaching 1294 in planetraffic and 142.000 in thenumber of passengers within24 hours after Friday, June13, the day when the schoolsare closed and the holidayseason begins.Milas-Bodrum Airport,for which TAV Airports wonthe tender regarding the air-portsmanagement until theend of 2035 for 717 millionEuros + VAT, was put intooperation as of July 15th. Theairport offered services for714.000 passengers in do-mesticflights and 588.000in international flights in thefirst six months of this year.S eyitmer Termik Santrali2 milyar 248 milyon dola-ra,Kangal Termik Santrali985 milyon dolara, HamitabatSantrali ise 105 milyon dolarazel sektre ald. Bundan son-rakisrete ilk olarak atalazTermik Santralinin zelletir-meihalesinin gerekletirilmesibeklenirken, bunu Yeniky,Kemerky ve Yataan santral-lerininihaleleri izleyecek.Yeniky ve Yataan santralleri-ninayn portfyde ihale edilme-side sz konusu olabilecek.S eyitmer Thermal Planwas privatized for 2billion 248 million dollars,Kangal Thermal Plant for 985million dollars, and HamitabatPlant for 105 million dollars.While the privatization tenderfor atalaz Termal Plant isexpected to be carried out in thenext phase, it will be followedby the tenders for Yeniky,Kemerky and Yataan plants.It is possible that Yeniky andYataan plants will be tenderedwith the same portfolio.EA'tazelletirme SreciHz KazandPrivatizationProcessAccelerated inEAElektrik retim A..'deki(EA) toplam 24,7 binmegavat kapasiteli santralin11,7 bin megavatnnzelletirilmesi planlanyor.11.700 megawatts of theplant in EA (ElectricityGeneration Company),with a total capacity of24.700 megawatt, isplanned to be privatized.Getiiz Mart aynda zmir Havaliman Hatlar Terminali'ni faaliyete geirenTAV, 15 Temmuz itibariyle Milas-Bodrum Havaliman'n iletmeye balayaraksektrn gl oyuncusu olmay srdryor.Launching Izmir Airport Domestic Flights Terminal last March,TAV continues to be the strong actor of the industry after puttingMilas-Bodrum Airport into operation as of July 15th.TAV HAVALMANLARI'NINBAARISI SRYORTAV AIRPORTS' SUCCESS CONTINUES 8. GRNM / VIEW06 AUSTOS - EKM / AUGUST - OCTOBER 2014Kabotaj hattnda tananyolcu miktarnda 2003ylna gre 2012 ylndayzde 59, yolcu miktarndaise yzde 43 art olmutu.2013 yl sonunda ise yolcumiktarnda yzde 69 olmasbekleniyor. Liman, fener vetahsiliye cretlerinde yaplanindirimler ile birlikte limanlarziyaret eden yolcu saysnda2013 ylna gre bir ncekiylda yzde 267, limanlaraurayan gemilerde ise yzde90 art yaanmt.T he number of passengerstransported in the coastalline increased by 59 percentand the amount of passengersincreased by 43 percent in 2012compared with the year 2003.Regarding the end of 2013, theamount of passengers is expectedto increase by 69 percent. Afterthe discounts in port, lighthouseand lifeboat fees, number of peo-plevisiting the ports increased by267 percent compared to the year2013 and the vessels touching ata port increased by 90%.KABOTAJ HATLARIHIZ KESTCOASTAL LINES EASED DOWNThe number of passengers transported in Turkishcoastal lines in the first 5 months of 2014 remained at58.2 million passengers with a 10 percent decline.2014 ylnn ilk 5 aynda Trkiye kabatoj hatlarndatanan yolcu says bir nceki yla gre yzde 10'lukd gstererek, 58,2 milyon yolcu seviyesinde kald.naatSektrndeGven ArtRise of Confidencein ConstructingIndustryA ccording to the Indus-trialConfidence Indexannounced in April byTurkish Statistical Institute(TUIK), Constructing sectorconfidence index, refined fromseasonal effects, showed a 0.3point increase and increased to78.4 from the last months 78.1.The increase in the construct-ingindustry confidence indexis caused by the 1.6 percent im-provementin the total numberof employees expectations lowerindex in the coming three-monthterm. The lower index of re-ceivedregistered orders currentlevel decreased by 1.7 percent incomparison with the last month.As we know, Industrial Confi-denceIndex can be evaluatedwithin the range of 0-200 whilean index above 100 indicatesoptimism for the current and theupcoming period and below 100indicates negativity.T rkiye statistik Kurumu(TK) tarafndan Nisanaynda aklanan SektrelGven Endekslerine gremevsim etkilerinden arndrlminaat sektr gven endeksinde0,3 puan art kaydedilerek,bir nceki ayda 78,1 olaninaat sektr gven endeksi78,4 deerine ykseldi. naatsektr gven endeksindekiart, gelecek 3 aylk dnemdetoplam alan says beklentisialt endeksindeki yzde 1,6lkiyilemeden kaynakland.Alnan kaytl siparilerinmevcut dzeyi alt endeksi isebir nceki aya gre yzde 1,7dt. Bilindii gibi SektrelGven Endeksleri 0-200aralnda deer alabilmekte,endeksin 100den byk olmassektrn mevcut ve gelecekdneme ilikin iyimserliini,100den kk olmas isektmserliini gsteriyor.stihdam artbeklentisi inaatsektrnn gveninitazelemesinde nemlipay sahibi oldu.The expectation of increasein employment played animportant role in restoringthe confidence of theconstructing industry.Toplam Yolcu SaysTotal Number of Passengers ExpectedGereklemesi BeklenenKaynak: Ulatrma, Denizcilik ve Haberleme BakanlSource: Ministry of Transport, Maritime and Communication11304090510061107120813159123154135157150159152168Milyon Adet / MillonEkim / October28 9. STRATEGY 07Birinci el konut satlarilk ay iinde yzde 1,3gerileyerek 120 bin 212adet olurken, ikinci el konutsatlar yzde 9,6 oranndagerileyerek 137 bin 641 adedegeriledi. Rakamlar, konut sat-larndakiyavalamann byklde ikinci el konut satla-rndankaynaklandn ortayakoydu. 2014 ylnda alnacakkonut yap ruhsatnn 1 milyonaykselmesi bekleniyor. naatmaliyetlerine ilikin olarakaklanan yeni yln ilk eyrekdnem verileri deerlendirildi-indeise konut inaat maliyet-lerindenemli bir art olduugrlyor. Ylbana gre inaatmaliyetleri yzde 5,7 gibi hzlbir art kaydederken konutinaat maliyetleri bir yl iindeyzde 11,2 iilik maliyetleriyine son bir yl iinde yzde8,7 ve malzeme maliyetleri iseyzde 11,9 art gsterdi. Kurda-kiart ile ykselen enflasyonyeni ylda inaat maliyetleriniyukar eken balca etkenlerolarak sralanyor. te yandanyeni konut fiyatlar art 2014ylnn ilk aynda sadeceyzde 1,25 artt. Son bir yldaise yeni konut fiyatlarnda enyksek art yzde 15 ile 3+1 tipikonutlar gerekletirdi.Akfen Holdingin ncekteina etmekte olduu 1135konutluk Loft ncek Projesindeise 600n zerinde konutunsat tamamland. Projenin ilketab Mays 2016, ikinci etab iseHaziran 2016da tamamlanmasbekleniyor.W hile the first hand housesales receded by 1.3percent in the first threemonths and occurred as 120,212,second hand house sales recededto 137,641 with a 9.6 percentdecline. The figures revealed thatthe slowdown is mainly causedby second hand house sales. Theobtained building permit in 2014is expected to reach 1 million.When we explain the data of thefirst quarter in the new year inrelation to constructing costs,it is apparent that there was asignificant increase in construct-ingcosts. When comparedto the beginning of the year,while building costs showed adramatic 5.7 percent decline,housing building costs increasedby 11.2 percent, labor costs by8.7 percent and material costsincreased by 11.9. Currencyrise and increased inflation areconsidered as the main factorswhich increase the costs of con-structingin the new year. On theother hand, the increase in newhousing prices remained only at1.25 percent in the first 3 monthsof 2014. In the recent year, thehighest increase in housingprices was in 3+1 houses with apercentage of 15.In Loft Incek Project,between 1135 houses, the sale ofmore than 600 houses has beencompleted. It is expected that thefirst phase of the project to becompleted in May 2016 and thesecond phase in June 2016.Trkiye genelinde 2013 ylnda 1 milyon 157 bin190 konut sat sonucu el deitirirken MSAD'nraporuna gre, 2014 ylnn ilk eyreinde ise konutsatlarnda yzde 6 d meydana geldi.Nation-wide, 1,157,190 houses passed into otherhands as a result of sales in 2013 according to thereport of IMSAD, and there was a 6 percent declinein housing sales in the first quarter of 2014.LK EYREKTE 257 BNNZERNDE KONUT SATILDIMORE THAN 257.000 HOUSESSOLD IN THE FIRST QUARTERRo-Ro TamaclArt GsteriyorRo-Ro Transport is on the RiseA ccording to the information gathered fromthe data of General Directorate of MaritimeTrade; in the January-April period, 138,628vehicles were transported with 874 Ro-Ro vesselstouching at the ports in Turkey. In the period wherethe rate of transported vehicles decreased by 1.5 per-centwhen compared with the last year, 68,397 ofthe vehicle was arriving and 70,231 was departing.D eniz Ticareti Genel Mdrl verilerindenderlenen bilgiye gre, ocak-nisan dnemindeTrkiyedeki limanlara yanaan 874 Ro-Rogemisiyle 138 bin 628 aracn sevkiyat yapld.Tanan ara saysnn geen yla gre yzde 1,5orannda azald dnemde, aralarn 68 bin397sini gelenler, 70 bin 231ini gidenler oluturdu.Trkiye merkezli uluslararasRo-Ro tamacl kapsamnda ylnilk 4 aynda 138 bin 628 ara tand.Within the scope of Turkey-basedinternational Ro-Ro transport, 138,628vehicles were transported in the first4 months of the year. 10. GRNM / VIEW08 AUSTOS - EKM / AUGUST - OCTOBER 2014T here was 28,674 overflighttraffic in June in TurkishAirspace, which means a11.5 percent increase. Therefore,the number of serviced planesin 2014 June reached to 155,075with an 8.8 percent increase. It isstated that a new record was setby offering services for 16 millionpassengers in all airports in June.Total of 16,673,037 passengerswere serviced in airports in Juneand the total number of pas-sengersincreased by 10.6 percentin comparison with the numberof passengers in June 2013. InJune, the number of passengerson domestic flights was 7,759,394with a 10.7 percent increase andthe passengers in internationalflights were 8,913,643 with a10.5 % increase.DHM Genel Mdrl verilerine gre 2014 ylHaziran aynda havalimanlar toplam uak trafii birnceki yln ayn dnemine gre i hatlarda yzde7,8 artla 65 bin 308, d hatlarda yzde 8,7 artla61 bin 093 olmak zere toplamda yzde 8,2 artla126 bin 401 oldu.According to the data of DHMI General Directorate, totalflight traffic in airports in June 2014 in comparison withthe same month of the previous year was 126,401 with a8.2 percent increase; 65,308 of them being in domesticflights with a 7.8 percent increase and 61,093 being ininternational flights with a 8.7 percent increase.HAVACILIKTA YAZ DOPINGI SUMMER DOPING IN AVIATIONHAZIRAN AYINDA TRKIYE HAVALIMANLARININHIZMET VERDII YOLCU SAYISITHE NUMBER OF PASSENGERS TO WHICH TURKISHAIRPORTS OFFERED THEIR SERVICES IN JUNEMLYONMILLION 16Trkiye hava sahasndanHaziran aynda yzde 11,5art ile 28 bin 674 stgei(overflight) trafii gerekleti.Bylece 2014 yl Haziran Ayndahizmet verilen uak says yzde8,8 art ile 155 bin 75ye ulat.Bununla birlikte Haziran ayndatm havalimanlarnda toplam16 milyon yolcuya hizmetverilerek bir rekor krld dabelirtildi. Verilen bilgilere gre,Haziran 2014te, havaliman-larnda(direkt transit dhil )toplam 16 milyon 673 bin 37yolcuya hizmet verildi ve toplamyolcu says geen yln ayn ay-nagre yzde 10,6 artt. Haziranaynda i hat yolcu says yzde10,7 artla 7 milyon 759 bin 394,d hat yolcu says yzde 10,5 ar-tla8 milyon 913 bin 643 oldu.Kbrsta ErcanHavaalannn zel-letirilmesiiin alanihalenin 90 gn srecek olanteklif kabul 27 Austostasona eriyor. hale, KKTCdezelletirme Yasasnn yrr-legirmesinden sonraki ilkzelletirme ihalesi olacak.Yeni Ercan projesi ihalesinikazanacak firma, yapacayatrmlarla birlikte 25 ylboyunca havaalann iletecekve karlnda da devlete ciropaylam bedeli deyecek.Firmann, yatrmlar gerek-letirmekiin 4 yllk sresiolacak. hale ile TrkiyedenTAV, Limak, een, elebigibi gruplarn ilgilendiibelirtiliyor.Yaanmas ve AvrupaBirlii lkelerinde inaat sek-trnn yln sonunda ilkkez 2014te bymesi, sektrheyecanlandrd.A cceptance of offers of thetender, issued for the priva-tizationof Ercan Airportin Cyprus and which will lastfor 90 days, ends on 27 August.The tender will be the firstprivatization tender after thePrivatization Act in TRNC hasentered into force. The company,winning the New Ercan projecttender, will operate the airportfor 25 year with the invest-mentsit is going to make and, inexchange, it will pay a turnovershare fee to the government.The company will have a 4-yearterm to carry out these invest-ments.It is indicated that somegroups from Turkey, such asTAV, Limak, een, elebi, areinteresting with the tender.This privatization, and thefirst growth in 2014, at the endof the last three years, in the con-structingindustry in EU coun-trieshas aroused excitement.KKTC'de Ercan Havaliman zelletirmesiThe Privatization of Ercan Airport in TRNCErcan Havaliman'nn iletmehakk devri yntemiylezelletirilmesi iin Maysaynda ihale sreci balad.The tendering process startedin May for the privatization ofErcan Airport via transfer ofoperational rights. 11. Uzmanlkla uyumun hassasiyetle harmanland bu eser, bagaj hizmetininnemini vurguluyor. Yz binlerce bagaj arpc bir btnlk iinde temsil ediliyor. Konuyu ustalkla ele almas, havaclk sektrnde nc olmasn salyor. Ziyaretilerin aknna urayan eser, 7 lkedeki 14 havalimanndasergilenmeye devam ediyor. Bu eseri yaratlrken Piet Mondriann Line over form adl eserinden esinlenilmitir. 12. KE / COLUMN10 AUSTOS - EKM / AUGUST - OCTOBER 20142014 yl bittiinde Trkiye bir ylda iki seim birden yaa-molacak. Seimler her zaman kamu maliyesini zorlar.Ancak Trkiye bu dnemde btede fazla ak veremez.Trkiye birka yldr ok yksek olan cari denge an azalt-mayaalyor. Bu nedenle ekonomide ikinci bir risk unsuruyaratamayz.Peki bugne nasl gelindi? Trkiye 2009 ylnn bandaglobal krizin etkisi altnda kald ve yzde 4.7 daralma yaad.Ancak 2010 ve 2011 yllarnda dardan gelen sermaye akm,i kredi ve talep art ile iki yl ok yksek (yzde 9 civarnda)reel byme yaand ve cari denge a/GSYH oran da zpla-yarakyzde 10 dzeyine geldi. Cari ak, ya TL deer kaybnauratlarak ya da reel bymeyi daraltarak kontrol altna al-nabilirdi.Trkiye ihracat piyasas Avrupa krizde olduundan,2012 ylnda yzde 40 orannda artan kredi artn frenleyerekve bymeyi de azaltarak cari a da kontrol altna almayaalt. Ancak 2012 yl iin yzde 3 olarak hedeflenen reelbyme yzde 2.2 olarak gerekleince, 2013ylnda bymenin yzde 4 olarak gerek-lemesiplanland. Fakat 2013 ylnda Maysayndan itibaren ABD Merkez Bankasnnpolitika deitirecei ve global apta faizykselmesi olaca alglamas ile TL yzde10 civarnda deer kaybetti ve faizler deykseldi. 2013 Aralk aynda Hkmettekipartinin iinde bir blnme gndeme geldive ekonomi kart. TLnin deer kayb yzde30 dzeyine ykseldi. Bu durumda 2014Ocak aynda Merkez Bankas faizleri kuv-vetleykseltti ve dviz kurunun artmasnaengel oldu, ama enflasyon da dviz kurununartnn etkisi ile yzde 9 deerinin stnekt. Gene de 2013 ylnda ekonomi yzde 4byme ile hedeflenen rakama ulat.lgintir ki IMF ve Dnya Bankas 2014ylnda Trkiyenin reel bymesinin yzde2.3-2.4 aralnda gerekleeceini d-nyordu.Ancak lkeyi yakndan tanyanlarHkmetin yzde 4 hedefine ulalamasabile yzde 3.5 dzeyinde reel bymesalayabileceini vurguluyorlard. nkTL deer kayb enflasyonu arttryordu, amadier taraftan da ihracat krklyordu.By the end of 2014, Turkey will undergo two elections. Electionsare always a push for public finance. However, Turkey cannotafford to have a deficit this year. Turkey is trying to decreaseits current balance deficit, which has been too high for several years.Therefore, we cannot create a second element of risk.But, how did we come to this day? Turkey was influenced by theglobal crisis at the beginning of 2009 and suffered 4.7 per cent con-traction.However, with the capital flow coming from outside Turkey,internal loans and increased demand during the years of 2010 and2011, an extremely high real growth was experienced for two years(around 9 percent) and current balance deficit/GDP ratio bounced tothe level of 10 percent. The current deficit could have been controlledeither by devaluating TL or contracting the real growth. Since therewas a crisis in Europe, the export market in Turkey tried to controlcurrent deficit by curbing the loan which had increased by 40 percentand reducing the growth. But when the real growth, projected to be3 percent for the year 2012, remained at 2.2 percent, the growth rateplanned as 4 percent for 2013. However, withthe perception that US Federal Reserve wouldchange policy and there would be a globalincrease in interest rate, the TL was devaluated byapproximately 10 percent and the interest rateswent up. In December 2013, there was frictionwithin the governing party and this disturbedthe economy. The devaluation of TL rose to 30percent. In this situation, Central Bank keenlyincreased the interest rates and prevented theincrease of the exchange rates but the inflationwent above the value of 9 percent with the impactof increase in exchange rates. Nevertheless, theeconomy achieved the projected 4 percent growthin 2013.Interestingly, IMF and World Bank wereexpecting the real growth of Turkey to remainwithin the range of 2.3-2.4. However, peopleclosely familiar with the country pointed out thatthe Government can ensure real growth at thelevel of 3.5 percent, if not the targeted 4 percent,because the devaluation of TL was increasinginflation but also inciting exports. The datafrom the first six months of 2014 indicates thatit is possible to achieve a 4 percent growth, asprojected, in the year 2014.TRKIYE EKONOMISININYIL ORTASI DEERLENDIRMESI!MID-YEAR EVALUATIONOF TURKEY'S ECONOMY!PROF. DR. DENZ GKETHE DATA FROMTHE FIRST SIXMONTHS OF YEAR2014 INDICATE THATIT IS POSSIBLETO ACHIEVE A 4PERCENT GROWTH,AS AIMED, IN THEYEAR 2014.2014 YILININ ILK ALTIAYININ VERILERI2014 YILININ DAHEDEFLENENEKILDE YZDE4 BYMEYEULAABILMESININMMKNOLABILECEINIIARET EDIYOR. 13. STRATEGY 112014 ylnn ilk alt aynn verileri 2014 ylnn da hedeflenenekilde yzde 4 bymeye ulaabilmesinin mmkn olabilece-iniiaret ediyor.Trkiyede gidiat izleyebilmek asndan en kritik verilercari ak, sanayi retimi ve kamu sektr bte adr. Budeerlendirme yazldnda cari denge a beklenenden dahada fazla derek bir evvelki 2013 ylnda Ocak-Mays arasndaki32.3 milyar dolarlk ak yerine 2014 ylnda ilk be ayda sadece19.8 milyar dolar ak vermiti. lk be ayda ithalat yzde 5.4azalrken, ihracat ayni srede yzde 8 orannda artmt. Cariak klyordu.Bte ana baklrsa da geen yln ilk yarsnda 3.1 milyarTL fazla veren bte bu yln Haziran ayna gelindiinde ilk altayda 3.4 milyar dolarlk bir ak vermi bulunuyor. Yani btedeilk alt ayda toplam 6.5 milyar TL ktleme olmu. Faiz dfazla rakam da geen yla gre 26.4 milyar TLden 23.1 milyaragerilemi. Toplam faiz d harcamalar ise ilk yarda nominalyzde 13.9 ve reel olarak da yzde 7.5 artm. Faiz harcamalarda nominal yzde 13.6 ve reel yzde 4.3 artm durumda. Ancakbte hedeflerinden ok fazla bir sapma da ortada yok.Bizce en nemli veriise sanayi retimindekigelimeler. Sanayi retimiMays aynda geen ylnayn ayna gre yzde 1.5orannda artarken, imalatsanayisinde bu oran sadecebinde 6 dzeyinde gerek-leti.Bu oranlar son yediayda gerekleen en dksanayi byme oranlar. Buda sanayi retiminde tem-ponunyavaladna iaretediyor. Kukusuz bir aylkdalgalanmalar genel trendgstergesi olamaz. AncakTK tarafndan mevsim-seldalgalanmalara ve tatilgnlerine gre dzeltilmisanayi retim endeksi de,sanayi retimindeki tempo kaybna iaret ediyor. Dzeltilmisanayi retim endeksi Mays aynda bir nceki aya gre yzde1 orannda azalm. Bu azalma ile birlikte sanayi retimi Ocakayndaki seviyesinin yzde 0.8 altnda. Bu da yllk bazda yzde2.2lik bir klme temposuna iaret ediyor. Bu tempo kaybuzun sredir kapasite kullanm oran verilerinde kendini belliediyordu.Yukardaki verilere bakarak ne syleyebiliriz? 2014 yl eko-nomisiningidiat da 2013 ylna benzer ekilde gidiyor, yaniTrkiye bu yl yzde 3.5-4 arasnda bir byme yaayacak. Ni-tekimIMF ve Dnya Bankas da sonunda Trkiye tahminleriniyzde 3.5 bymeye deitirdiler. Ancak ABDde son dnemdegrlen yavalama ve Avrupa Birliinin de hafife teklemeyebalamas kt. Ayrca Ukraynada Rusyann, Suriye ve IraktaIDin ve Filistinde srailin yaratt riskli ortam Orta Douve Dou Avrupada risk art anlamna geliyor! Ancak ABDdeFEDin faiz arttrm iin yava davranmas da bizler iin olum-lubir durum. zetle 2014, 2013 gibi olacak!The most critical data to observe the economic course in Turkey arecurrent deficit, industrial production and public sector budget deficit.At the time of writing this review, the current balance deficit reducedmore than it was anticipated and as opposed to the deficit of 32.3billion dollars between January-May in 2013, the deficit in the firstfive months of 2014 was just 19.8 billion dollars. While the importsreduced by 5.4 percent in the first five months, the exports, within thesame period, increased by 8 percent. The current deficit was shrinking.When we look at the budget deficit, we see that the budget, hav-inga surplus of 3.1 billion TL in the first half of the previous year,had a deficit of 3.4 billion dollars by June, within the first six months.That is, there has been a deterioration of 6.5 billion TL in total, inthe first six months. Non-interest surplus figures, in comparisonwith the previous year, receded to 23.1 billion from 26.4 billion TL.And the total non-interest expenditure increased nominally by 13.9percent and 7.5 percent in real terms in the first half. Interest expen-dituresincreased by 13.6 percent in nominal and 4.3 percent in realterms. However, we cannot speak of an excessive deviation from thebudget target.As far as we are concerned, the most significant data are thedevelopments in the industrialproduction. While the industrialproduction increased by 1.5 per-centin May in comparison withthe same month of the previousyear, this rate in manufacturingindustry remained just at 6 perthousand. These rates are thelowest industrial growth ratesin the last seven months. Thisindicates that the pace of indus-trialproduction is slowing down.Undoubtedly, the fluctuationspertaining to a month cannotbe regarded as the indicationof a general trend. However,the industrial production indexrevised by TUIK (TurkishStatistical Institute) accordingto the seasonal fluctuations andholidays indicates a loss of pace in industrial production. Revisedindustrial production index decreased by 1 percent in May whencompared to the previous year. In addition to this decrease, the in-dustrialproduction is 0.8 percent lower than the figures of January.And this indicates a 2.2 percent of downsizing pace on a yearly basis.This loss of pace have been making itself apparent for a long time inthe data of capacity ratio.So what can we deduce from looking at the aforementioned data?The course of the economy in 2014, too, takes a similar path that ofyear 2013, which means that Turkey will experience a 3.5-4 percentgrowth this year. Eventually, IMF and World Bank, too, changedtheir forecasts for Turkey to 3.5 percent growth. However, the slow-downin the USA and onset of setbacks in the European Union arenot good. And the risky environments caused by Russia in Ukraine;Isis in Syria and Iraq; and Israel in Palestine constitute an increasingrisk in the Middle East and Eastern Europe! Nevertheless, the factthat FED in the US acts slowly on increasing the interest rates is apositive situation for us. In conclusion, 2014 will be similar to 2013! 14. Trkiye ekonomisinde2000lerin bandan buyana grlen istikrarlbyme ile konut pazarndayaanan hareketlilik de sryor.stanbul, Ankara, zmir, Bursave Adana gibi ehirlerde nfusyounluuna bal olarak st,orta ve alt segmentlerde konuttalep ve arznda art grlyor.Trkiyenin ikinci byk konutpazarna sahip olan Ankaradaise bu pazar hz kesmedenbymeye ve gelimeye devamediyor. Birok yeni proje ileyatrmclarn dikkatini ekenAnkara konut piyasas, adetastanbula rakip olma yolundailerliyor. Trkiye ortalamasnnyzde 20 zerindeki kii banaden gelir seviyesi ve i gven-cesiolan kamu sektr alan-larndankaynaklanan istikrarltalep dolaysyla Ankara, konutpazarnda olduka nemli biryere sahip bulunuyor. Trkiyestatistik Kurumu (TK) ta-rafndanaklanan aylk konutAlong with the stable growthin Turkeys economy whichhas taken place since theearly 2000s, the mobility in thehousing market goes on. Therehas been an increase in the supplyand demand of housing in high,medium and lower segments incities such as Istanbul, Ankara,Izmir, Bursa and Adana due tothe population density. And inAnkara, featuring the secondlargest housing market in Turkey,the market goes on to grow anddevelop without a slowdown. At-tractingthe investors with a greatdeal of new projects, the housingmarket in Ankara stays the coursein becoming a rival to Istanbul.Due to the stable demand arisingfrom the per capita income levelwhich is 20 percent higher thanTurkeys average and publicsector employees who have jobsecurity, Ankara holds a veryimportant place in the housingindustry. Monthly housing salesfigures announced by TurkishANALZ-SEKTR / ANALYSIS-SECTOR12 AUSTOS - EKM / AUGUST - OCTOBER 2014YATIRIMCILARIN GZDES ANKARAANKARA,INVESTORS' FAVOURITETrkiye'nin ikinci byk konut pazarna sahip olan Ankara, son yllardapek ok yeni projeye ev sahiplii yaparak glenmeye devam ediyor veyatrmclarn dikkatini ekiyor.Having the second largest housing market,Ankara continues to grow stronger and attractsinvestors by hosting a great deal of newprojects in the recent years.SMGENUR GDEBERK 15. STRATEGY 13 16. ANALZ-SEKTR / ANALYSIS-SECTOR14 AUSTOS - EKM / AUGUST - OCTOBER 2014de yrtyor. Brokratikkurulular, niversiteler veyeni uydu projelerinin kentingneybat aks zerindebulunmas sebebiyle EskiehirYolu, renim grevlilerininve brokratlarn tercih ettiibir blge haline geldi ve bu-radabyk projeler ve sitelerile gayrimenkul retimi tmhzyla devam ediyor. Bununlabirlikte ehrin merkezine uzakolmalarna ramen ukuram-bar,Bilkent, Beysukent, mit-ky,ayyolu ve Yaamkentgibi yerleim blgelerindeyaayanlarn tm imknlarasahip olmas, buralarnbyk ve orta byklktekigayrimenkul yatrmclarnnsatellite projects are located inthe southwest axle of the city,Eskiehir Road has becomean area mainly preferred byacademicians and bureaucratsand large projects, estates andreal estate constructions go onwithout a slowdown. In addi-tion,the fact that the peopleliving in residential areas suchas ukurambar, Bilkent, Bey-sukent,mitky, ayyolu andYaamkent have all the requiredmeans despite the distance ofthese areas to the city center,makes the area to favouredlocations for large and mediumsized real estate investors.Continuing to developwith industrial zones, shop-satrakamlar da Ankarannbu pazardaki arlnn birkant. Buna gre, 2014 ylnnHaziran aynda Ankarada 10bin 437 konut sat gerek-letirildive bu say ile Ankara,listede stanbulun ardndangelerek Trkiye genelindekikonut satnda yzde 11.2likbir pay ald.DRT ANA KOLDANGELYOR2015 sonuna kadar yaklak430 bin yeni konut ihtiyacbulunan Ankara, geliiminiEskiehir Yolu bata olmakzere, stanbul yolu, KonyaYolu ve Samsun Yolu olmakzere drt ana kol zerin-Statistical Institute (TUIK)prove Ankaras weight in themarket. According to thesefigures, 10,437 houses were soldin Ankara in June 2014 and withthis figure, Ankara was rightbehind Istanbul in the list andhad a share of 11.2 percent inthe nation-wide housing sales.DEVELOPMENTTHROUGH FOUR ROADSRequiring nearly 430,000 newhouses until the end of 2015,Ankara carries out its develop-mentthrough four main roads,namely Eskiehir road, Istanbulroad, Konya road and Samsunroad. Since bureaucratic institu-tions,universities and newAkfen naat tarafndangerekletirilen ncek Loft Projesi,alclardan byk talep gryor.Incek Loft Project, carried outby Akfen Constructing, is highlydemanded.Sinpa GYO Incek Life,bears the trace of RepublicPeriod Turkish architectureand Ankara houses.Sinpa GYO ncek LifeCumhuriyet DnemiTrk mimarisi ve Ankaraevlerinin izini tayor.St Bahe Konutlar 7 blok ve342 daireden oluuyor.St Bahe Houses compriseof 7 blocks and 342 apartments. 17. STRATEGY 15Bar BarakAkfen Gayrimenkul GelitirmeGenel MdrAkfen Real Estate DevelopingManaging DirectorA RECORD IN THE AREA OFINCEKAnkara has become the newfavorite in the luxury housing market.I believe the fact that the level ofdemand is satisfactory, along withthe high level of supply, is a precursorto numerous new projects in thefuture. As Akfen Holding, we enteredthe housing market in Ankara withthe Incek Loft project and we are insearch of a field in Ankara where wecan develop a project in a shortlymanner and we established severalalternatives regarding this idea.We have already exceeded ourgoal of selling 400 houses in IncekLoft, which can be regarded aschallenging for the Ankara market.We have reached really close to theoptimal goal that we have anticipatedby selling more than 600 at the endof the campaign and set a record inIncek which can't be easily repeated.We have a 1.000 decare land inTulumta which we are consideringputting to good use in a long term.The size of the project that weare going to realize here will bedetermined by the demand directedat our short and medium termprojects.NCEK BLGES'NDEREKORA MZA ATTIKAnkara, lks konut pazarnn yenigzdesi haline geldi. Yksek arzile birlikte, talebin de tatminkrseviyelerde olmas, gelecektebirok yeni projenin retileceininhabercisi diye dnyorum. Ak-fenHolding olarak Ankara konutpiyasasna ncek Loft projesiylegiri yaptk ve Ankara'da ksa sreiinde proje gelitirebileceimiz birarazi araymz ve bu fikirle ilgilioluturduumuz alternatiflerimizde var. ncek Loft ile Ankara pazariin iddial olarak alglanabilecek400 konut sat hedefimizin destne getik. Kampanya dnemisonunda 600'n zerinde satgerekletirerek en iyi ihtimallengrdmz hedefe okyaklatk ve ncek Blgesi'ndetekrar ok da mmkn olmayanbir rekora imza attk.Ankara Tulumta'ta uzun vadededeerlendirmeyi dndmz1.000 dnme yakn bir arazimizvar. leride burada gerekletirebi-leceimizbir projenin bykln,ksa ve orta vadede reteceimizyeni projelere gsterilen talepbelirleyecek.gzdesi durumuna gelmesinisalyor.Ankarann bat ve kuzeybataks zerinde yer alan sanayiblgeleri, alveri merkezleri,toplu konut, kooperatif ve yenioluum projeleriyle gelimeyedevam eden stanbul yolumetronun gelmesiyle dahada nem kazand. Buna balolarak da Eryaman, Sincan-Yenikent, Batkent, Elvankentve Etimesgut gibi semtlerdeer kazand. Ankaradakonut retimde en younikinci adres olarak gsterilenEtimesgut-Eryaman blgesiniorta-orta st gelir seviyesin-dekiinsanlar tarafndan tercihediliyor.ping malls, cluster housing,cooperative and new establish-mentprojects located in westand northwest axles of Ankara,Istanbul road gained furtherimportance with the arrival ofsubway. Consequently, districtssuch as Eryaman, Sincan-Yenikent, Batkent, Elvankentand Etimesgut acquired value.Etimesgut-Eryaman area,which is considered to be thesecond most dense location ofhousing production in Ankara,is preferred by middle-highermiddle income people.INCREASEDIMPORTANCE OF INCEKKonya Road, luxurious businessNCEK NEM KAZANIYORKonya Yolu, lks i merkez-leri,rezidanslar ve nitelikliprojeler ile yeni bir grnmkazand ve alclarn ilgisinieker hale geldi. nmzdekignlerde ncek aksnn nemkazanmas beklenirken, Akfennaat tarafndan gerekleti-rilenncek Loft Projesi blge-yedeer katyor. 1135 konutkapasitesi sahip olan ncekLoft Projesinde bugne kadar600n zerinde konutunsat gerekleti.Bakentin dou aksndakentsel dnm projeleriile birlikte, bat ve kuzeybataksnda da birok geliiminyaanmas hedeflenirken,centers, residences and quali-fiedprojects provided a newappearance and attracted theattention of buyers. While it isexpected that the Incek axle togain importance in the comingdays, Incek Loft Project, carriedout by Akfen Constructing, addsvalue to the region. Featuringa capacity of 1135 houses, morethan 600 houses have been soldwithin the Incek Loft Projectuntil today.While a lot of developmentsare planned for the west andnortheast axle in addition to theurban development projects inthe east axle of the Capital, thesouthwest axle is expected to bethe focal point of the city. 18. Celal KololuNTES Ynetim KuruluBakanINTES Chairman of theBoardINCREASED MOBILITY INLUXURY HOUSING IN ANKARABefore 2002, Ankara had a structure re-nownedand defined as "a city of the civilservants". However, the dynamism in therecent years, especially in the economicdomain, considerably changed thestatus of Ankara and the city has gonethrough various developments. Whenresidents in the capital developed aninterest in new settlements, which cameabout through modern technologies, aswas the case with Istanbul, mobility inthe area, which we can define as luxuryhousing, increased in Ankara as well.However, no matter how fast Ankaradevelops, it is difficult to say whether,in terms of its luxury housing market,the city can really be an alternative toIstanbul, because the purchasing powerof the people in Istanbul who have an in-terestin luxury housing is considerablyhigher than the people of the capital.Additionally, in Istanbul, there is a broadinvestment potential arising from thecity's population and ever increasingsettlement structure. Istanbul, as aEuropean city, is an attraction center,not just for Turkey, but also for all invest-ingcountries. Therefore, it would be amore appropriate approach to considerthe housing market in Istanbul in aseparate evaluation.ANKARA'DA LKS KONUTTAHAREKETLLK ARTTIAnkara, 2002 ncesinde sadece"memur kenti" olarak bilinen veyle tanmlanan bir yapya sahipti.Ancak, son yllarda zellikleekonomik alanda yaanan dinamizmbakent Ankara'nn konumunu ciddibiimde deitirdi ve ehir birokgelimeye sahne oldu. Bakent'teikamet edenler, ada teknolojileringetirdii yeni yerleim alanlarna ilgigsterince de stanbul'da olduugibi, Ankara'da da lks konut diyetanmlanabileceimiz alanda hare-ketlilikartt.Ancak Ankara ne kadar hzl geliirsegelisin, Ankara'nn lks konut pazarynnden stanbul'a alternatif olabi-leceinisylemek bugn iin oldukazor nk stanbul'da lks konuta ilgiduyan insanlarn alm gc bakenteoranla daha yksek. Bununla birliktestanbul'da, kentin gerek nfus vegerekse giderek genileyen yerleimyapsndan kaynaklanan ok genibir yatrm potansiyeli bulunuyor.stanbul, bir Avrupa kenti olarak sa-deceTrkiye'nin deil, tm yatrmclkelerin ilgi oda bir kentimiz. Onedenle, stanbul'daki konut pazarnfarkl deerlendirmek daha doru biryaklam olur.Next Level,Stz'ndeEskiehir ve Konyayollarnn kesiimnoktasnda bulunuyor.Next Level is situatedon the crossing pointof Eskiehir andKonya roads.ANALZ-SEKTR / ANALYSIS-SECTOR16 AUSTOS - EKM / AUGUST - OCTOBER 2014gneybat aksnn ise ehrinodak noktas haline gelmesibekleniyor.LKS KONUT SEKTRGELYORBatkent, Mamakta NATOYolu ve evresi, KeirendeBalum Blgesi, Pursaklar veGlbanda rencik Blgeside ehrin gelien yerlerindensadece birka Gayrimenkulsektrnn byk oyuncularrotay markal projelerin sshaline gelen Ankaraya evirdi.Lks konut projelerinin debu ehre ynelmesiyle ankaya,ukurambar, ayyolu-mit-kyve Oran blgesine talepartt. Stz, ukurambar,Beytepe, ayyolu, Yaamkent,Oran, ncek ve Mamak, en okprim yapan semtlerin bandageliyor. Tek katl gecekondu-larnyerlerini ofislere braktukurambar blgesi ile ehrinehresi deiiyor ve Ankara,dnyann nde gelen ba-kentlerindekigibi modern birgrntye kavuuyor. Kamuyaait arsalarn zel sektrnhizmetine sunulmasylaEskiehir Yolu, Konya Yolu veukurambarda birok otel, imerkezi, konut, salk tesisi,alveri merkezi ve kamubinalar yaplyor.Batya ve gneye dorugelien Ankarada elit kesimCumhurbakanl Kknnbulunduu ankayay tercihederken Tunal Hilmi Caddesi,Gaziosmanpaa ve Kavaklderede gelimeye devam ediyor.Ofis tarz i merkezlerinin hzlbir geliim gsterdii Gazi-osmanpaa,Kzlay, ankaya,Kavakldere ve Tunal Hilmicivarnda sosyal hayatn can-lanmasnsalyor. Bununlabirlikte Ayranc, Oran, Beysu-kent,Bilkent, Esat, mitky veDikmenin alt ksm gelimi verant yksek blgeler arasndayer alyor ve Ankaray gayri-menkulsektrnn nemlimerkezlerinden biri olarak nekmaya devam ediyor.LUXURY HOUSINGINDUSTRY IMPROVESBatkent, NATO Road andits surroundings in Mamak,Balum District in Keiren,Pursaklar and rencik Districtin Glba are just some of thedeveloping places in the city...Major players of real estateindustry have set their eyeson Ankara, which has becomethe home base for brandedprojects.With luxury housingprojects focusing on this city,the demand towards the areaincluding ankaya, ukuram-bar,ayyolu-mitky andOran increased. Stz,ukurambar, Beytepe, ayyolu,Yaamkent, Oran, ncek andMamak are first among themost favorable districts. Thecitys appearance changes withthe one story slums in uku-rambarbeing replaced withoffices and Ankara acquiresa modern look just like theprominent Capitals aroundthe world with publicly ownedlands put at the disposal of theprivate sector, numerous ho-tels,business centers, houses,health facilities, shopping mallsand public buildings are beingconstructed at Eskiehir Road,Konya Road and ukurambar.Developing towards westand south, in Ankara, theelite class prefers ankaya,where the presidential palaceis located, while Tunal HilmiStreet, Gaziosmanpaa andKavakldere continues toimprove. Business centersin office style, which arerapidly developing aroundGaziosmanpaa, Kzlay,ankaya, Kavakldere andTunal Hilmi, boosts the sociallife there. Additionally, Ayranc,Oran, Beysukent, Bilkent,Esat, mitky and Dikmen areamong the regions with highincome, whose lower section isdeveloped and brings Ankaraforward as the most importantcenters of real estate industry. 19. EN Y FYATLARLA EN Y HZMET GARANTSOK YAKINDA ANKARADA! ibis sTANbUL ibis EsKEHR ibis GAZANTEP ibis KAYsER ibis bURsA ibis ADANA ibis sTANbUL EsENYURT ibis ZMR ALsANCAK ibis ANKARA (AILI: EKM 2014) SADAKAT PROGRAMIMIZA KATILIN ACCORHOTELS.COM 20. 18 AUSTOS - EKM / AUGUST - OCTOBER 2014MARKA BNALAR / BRANDING BUILDINGPOSTMODERNMMARNN SMGES: BANKASIKULELER2011 ylna kadar Trkiye'ninen yksek binas olmazelliine sahip olanstanbul Bankas Kuleleripostmodern mimarinin ennemli rneklerinden biriolmaya devam ediyor.SMGENUR GDEBERK 21. STRATEGY 19Year 1988... iecam General Di-rectoratestarts a competition tobuild the tallest building of Tur-keyon its land situated on the busieststreet of Istanbul. For this project,where todays Isbank Towers will rise,a lot of important architects submittheir projects. Among the partici-pants,including famous names suchas Vedat Dalokay, Mehmet Konuralpand Doan Tekeli, Doan Tekeliwins the project. And this is how thearchitectural process of the structurebegins, the name of which has beendecided on as Istanbul Isbank Towers,and was initially planned for the Gen-eralDirectorate building of iecam.Explaining the structures processof project design and becominga brand, Architect Doan Tekeliemphasizes that the value of thestructure will be understood better inthe coming years. Adopting a sensitiveapproach to ensure the project to beunprecedented and bear a Turkishtaste, Tekeli says that he examined theavailable structures around the worldand bought books about tall build-ings.Some architecture historiansresemble a tall structure to a structuralcolumn in general. The column has abase and an ending. The tall build-ing,too, can be a smooth, rectangularprism says Tekeli and after express-ingthat he was deeply influenced bythe architectural understanding of oneof his teachers in college he continues:A teacher of mine regarded struc-turesas cloth and said, There is nobeginning or end to it, add more if youlike, cut more, leave out some more.The entirety of the figure is not af-fected.We combined all notions withwhat we have seen, our knowledge ofclassical tall structures and our projectwon.First of all, the project mustinvolve a building that would fit forthe purpose it is going to serve saysTekeli and talks about the things heconsidered when designing a projectduring his 60 years of professionallife involving 120-130 large build-ingsincluding Isbank Towers: Theproject must be in compliance withYl 1988 iecam GenelMdrl, stanbulunen ilek caddelerinden birizerindeki arazisinde, Trkiyeninen yksek binasn ina etmek zerebir yarma balatr. Bugnn Bankas Kulelerinin ykselecei buyarma iin birok nemli mimarprojelerini sunar. Aralarnda VedatDalokay, Mehmet Konuralp ve DoanTekelinin de bulunduu isimlerarasndan Doan Tekelinin projesiyarmay kazanr. lk bata isecamGenel Mdrl binas olarak tasar-lanandaha sonra stanbul BankasKuleleri olmasna karar verilen yap-nnmimari sreci bylece balar.Yapnn projelendirme ve markahaline geli srecini anlatan MimarDoan Tekeli, yapnn deerinin ge-lecekyllarda daha da anlalacannaltn iziyor. Projenin hem Trk tadtamas hem de benzersiz olmas ko-nusundahassasiyet gsteren Tekeli,projeyi hazrlamadan nce dnyadakimevcut yaplar incelediini, yksekyap kitaplar satn aldn sylyor.Baz mimarlk tarihileri, yksek biryapy genel olarak bir yap kolonu-nabenzetirler. Kolonun kaidesi vebitii vardr. Yksek yap da tertemiz,dikdrtgen bir prizma olabilir diyenTekeli, projesinde niversitede birhocasnn mimarlk anlayndanetkilendiini dile getiriyor ve ylediyor: Bir hocamz, yaplar kumaHaving the characteristic ofbeing the tallest building ofTurkey until 2011, IstanbulIsbank Towers continueto be one of the mostsignificant examples ofpostmodern architecture.THESYMBOL OFPOSTMODERNARCHITECTUREISBANKTOWERS 22. 20 AUSTOS - EKM / AUGUST - OCTOBER 2014gibi dnrd. Bunun ba ve sonu yok,istersen biraz daha ekle, biraz daha kes, birazdaha kar. Figrn btnl bozulmuyorderdi. Btn dnceleri, grdklerimizle,klasik yksek yaplara dair olan bilgilerimizlebirletirdik ve bizim projemiz kazand.ncelikle proje, hizmet edecei ama-cauygun bir bina olmal diyen Tekeli, Bankas Kuleleri de dahil olmak zere 60yllk meslek hayatnda mimarln yapt120-130 kadar byk binada bir proje yapar-kennelere dikkat ettiini anlatt: Proje plankurgusu bakmndan uygun olmal. Yapnngiri-k net olmal, ii karmak olmamal,insan iinde kolayca ynn bulabilmeli.Bununla birlikte yap ilevine uygun olmal.Ticaret yaplacaksa onun iin tasarlanma-l,bro yaplacaksa fiziki artlar ona grehazrlanmal. Bir de yapnn kendine zgbir kimlii olmal. Bankasna baktnzdaonun bir iskn yeri deil, i yeri olduunu an-larsnz.Kent iinde agresif durmayan, dostaduran ama zgn olan, zamanla eskimeyecekilevine uygun, kolay kavranabilir nitelik-lerdeyaplar yapmaya alyoruz. Hareketnoktamz bu. BANKASI, UYGULAMA PROJESINI AYDA ISTEDIUygulama projesine geme aamasnda, Bankas arsay ald ve proje Bankasnnprojesi haline geldi. nce iki kule daha sonratek kule olmas planlanan stanbul BankasKuleleri projesinde en son bir byk, iki k-kkulenin olmasna karar verildi. Projeninnetlemesi iin geen zamanda Tekeli, o za-manlarzararda ve endie iinde olduklar iinbu bekleme srecinde baka projeler yapmakzorunda kaldn dile getirdi.Biz, Moskovadaki Gazpromun GenelMdrl projesi zerinde alrken Bankas finansman konusunu zd ve ayda uygulama projesini istediini belirtti.Biz de yetimeyeceini syledik, onlar datatbikat projesini Swanke Hayden ConnellArchitectse verdiler diyen Tekeli, proje dahaAmerikanlasa da esaslarnn yzde 95-99orannda ayn kaldnn altn izdi. SwankeHayden Connell Architects, projeyi 1.5 yldatamamlad. Kulelerinin temeli 1995 ylnda atld,inaat 2000 ylna kadar srd. 2000 ylndaal yaplan Kuleleri, iki aamada olu-turuldu.Tekeli, Yaklak 120 milyon dolarayapnn cephesiyle birlikte kaba inaat ya-pld.Bir o kadar da dekorasyonu iin verildi.Toplam bedelin 200-240 milyon dolar merte-belerindeolduunu dnyorum dedi.the planning arrangement. The access-egressof the structure must be clear, the interiordesign shouldnt be complex. The people insidemust be able to easily find their way around.Additionally, the structure must be compatiblewith its function. If it is going to be a commer-cialbuilding, it must be designed accordingly;if it is going to be an office the physical condi-tionsmust be arranged accordingly. Also, thebuilding must have a distinctive identity. Whenyou have a look at Isbank you will know that itis a workplace and not a place of residence. Weare trying to construct friendly but also uniquebuildings which do not have an aggressivestance within the city, structures that are pur-poseoriented and easily perceivable and whichwill not become old through time. This is ourpoint of departure.ISBANK REQUESTED THEIMPLEMENTATION PROJECT INTHREE MONTHSDuring the process of moving forward to theimplementation project, Isbank obtained theland and the project became Isbanks project.First planned as two towers, and then as justone, eventually it was decided that there will beone large and two smaller towers in the project.During the time past for the clarification of theproject, Tekeli said that he had to be engaged inother projects during this waiting period becausehe was concerned and also at a loss at that time.MARKA BNALAR / BRANDING BUILDING"TASARIM BIRARATIRMASRECIDIR. BANKASI'NINCEPHELERI BELKI YZDEFA IZILMITIR.NIHAYET SRE BIRYERDE DURDU VEBINA INA EDILDI.NA EDILMESEYDIIZMEYE DEVAMEDERDIK.""DESIGNING ISA PROCESS OFRESEARCH.THE FACADE OFISBANK WAS DRAWNMAYBE HUNDREDSOF TIMES. FINALLY,THIS PROCESS ENDEDAT SOME POINT, ANDTHE BUILDING WASCONSTRUCTED. IFTHE CONSTRUCTIONHADN'T BEGUN,WE WOULD HAVECONTINUEDDRAWING."stanbul Bankas Kuleleri'nin mimarDoan Tekeli, projenin ncelikle hizmetedecei amaca uygun olmas gerektiiniifade ediyor.Doan Tekeli, the architect of IstanbulIsBank Towers, states that the projectmust primarily fit for the purpose it isgoing to serve. 23. STRATEGY 21181,2117,6metre/ metersmetre/ meters52 Kat/Floor33 Kat/FloorKULE 1'IN KAT SAYISI VEYKSEKLII / NUMBER OFFLOORS AND HEIGHT OF TOWER IKULE 2 VE KULE 3'N KATSAYISI VE YKSEKLII /NUMBER OF FLOORS ANDHEIGHT OF TOWER 2 ANDTOWER 3GE ULAANKULELERTOWERS REACHING OUTTO THE SKYTekeli, Swanke Hayden ConnellArchitectsin projeyi tamamen kendi projesiy-migibi lanse etmesinden rahatsz olduunubelirterek, Bankasnn kendilerine projeninmellifi olduklarna dair bir belge verdikle-rininaltn izdi ve O dnemki Bankasynetimine biraz krgn kaldk. Sonradan Bankas Genel Mdrlne Ersin zincegelince, o gnlmz ald, tekrar bartk.Ala ben gitmedim ama Ersin Bey bizdenbahsetmi. Onu bana naklettiler. Ben de onunzerine kendisini ziyarete gittim. Ona bu ya-pnnilk projelerinin yaymland kitabmzgtrdm dedi.BUGN BANKASINI YAPSAK,AYNISI MI OLURDU BILEMIYORUM Bankas Kuleleri bittikten sonra insan-lardanolumlu ya da olumsuz herhangi biryorum gelmediini belirten Tekeli, Yaplar-mzzamanla hayat kazanyor, bu binann dazaman iinde dierlerinden bir fark olduu,bir tasarm deeri olduu anlalr dedi veekledi: Tasarm bir aratrma srecidir. Bankasnn cepheleri belki yz defa izil-mitir.Nihayet sre bir yerde durdu ve binaina edildi. na edilince yap dondu. naedilmeseydi izmeye devam ederdik. Zamanlabiz baka tecrbeler ediniyoruz, yaptklarmzdeiiyor. Bugn Bankasn yapsak, aynsm olurdu bilemiyorum, oturup almamzlazm.While we were working on the GeneralDirectorate project of Gazprom, Isbank re-solvedthe financing issue and stated that theywant the implementation project within threemonths. We stated that the time period wasntsufficient and they commissioned the imple-mentationproject to Swanke Hayden ConnellArchitects, said Tekeli and underlined thatthe project essentially remained 95-99 percentthe same although it became Americanized tosome extent. Swanke Hayden Connell Archi-tectscompleted the project in 1.5 year.The foundation of Isbank Towers was laidin 1995 and the construction continued until2000. Isbank Towers, which was inauguratedin 2000, was established in two stages. Tekelisaid, The rough construction of the structurealong with its facade cost approximately 120million dollars. And another similar amountwas used for the decoration. I believe the totalcost was around 200-240 million dollars.Expressing his discomfort about the factthat Swanke Hayden Connell Architectsintroduce the project as if it was their own,Tekeli pointed out that Isbank had issued adocument indicating that he is the designerof the project and said, We were somewhatresentful against the Isbank administration inthat term. Afterwards, when Ersin zince wasassigned to the Isbank General Directorate, heconciliated and we made peace again. I didntattend the opening but Mr. zince had men-tionedus. I was told about it. Thereupon, Ipaid a visit to him. I delivered him the bookletwhere the first projects of the structure werepublished.IF WE WERE TO BUILD ISBANKTODAY, I AM NOT SURE WHETHER ITWOULD BE THE SAME.Noting that there was no positive or negativeremarks coming from the people after thecompletion of Isbank Towers, Tekeli says, Ittakes some time for our structures to cometo life; through the course of time, it will beunderstood that this building is different fromother structures and has design value. Design-ingis a process of research. The facade ofIsbank was drawn maybe hundreds of times.Finally, this process ended at some point andthe building was constructed. It was set afterthe construction. If the construction hadntbegun, we would have continued drawing.Through the course of time, we gain differentexperiences and consequently, the things wedo are changing. If we were to build Isbanktoday, I am not sure whether it would be thesame. We have to actually work on it. 24. ANALZ-SEKTR / ANALYSIS-SECTOR22 AUSTOS - EKM / AUGUST - OCTOBER 2014BES'TEDEVLET KATKISIAMACINA ULATIGOVERNMENT SUBSIDY ACHIEVED ITSPURPOSE WHERE INDIVIDUAL PENSIONFUND SYSTEM IS CONCERNEDGetiimiz yl yrrle giren "%25 devlet katks" tevikibireysel emeklilik sistemine yeni bir ivme kazandrd. Katlmcsays 1 milyon kii artarken daha nce uzak duran ya ve meslekgruplar sisteme ilgi gstermeye balad.25% Government Subsidy, which took effect last year as anincentive for the individual pension fund system, added newmomentum to this scheme. As the number of participants increasedby 1 million, the age and occupation groups that were previouslyskeptical started to show interest.CENK SARIOLU 25. STRATEGY 232013 was significant in terms of the ten yearsof individual pension plan that was put intoeffect on 27th October 2003 as part of socialsecurity reform and some legal arrangements inthe form of reforms have been made effective. The25% government subsidy incentive, which wasput into practice as of 1st January 2013, marks aturning point for the individual pension funds astheir growth gained momentum. Thanks to thisincentive, the number of the new participants inthe scheme doubled in the year 2013 in compari-sonto the previous year and reached the level of 1million net.Government Subsidy incentive, inducedmany different groups to participate in the systemwhile having a certain appeal for the existingparticipants. In 2013, one of each of five contractsexecuted belonged to the existing pension fundparticipants. 25 % government subsidy alsoacted as an incentive for the ones who were oncea part of the system but left willingly. The oneswho rejoined the scheme from among this groupreached 7.4 % in comparison to 5.5 %, the averagefor all years involved.It has been observed that the number of newparticipants from the 25-34 age group in the year2013 was 375,000. The second highest number ofnew participants was from the 35-44 age group,close to 300,000.GOVERNMENT SUBSIDY WAS ALSO ANINCENTIVE FOR THE MIDDLE AGEGROUPWhile the average age of the participants whenSosyal gvenlik reformunun bir parasolarak 27 Ekim 2003 tarihinde hayatageirilen bireysel emeklilik sisteminin10 yl geride brakt 2013, reform niteli-indekiyasal dzenlemelerin hayata gemesiasndan da nemli oldu. 1 Ocak 2013 tarihin-denitibaren uygulamaya giren yzde 25 devletkatks teviki, bireysel emeklilik fonlarnnbymesi bakmndan nemli bir dnm nok-tasoluturdu. Bu tevik sayesinde 2013 ylndasisteme giren katlmc says bir nceki ylakyasla iki kat artarak net 1 milyona ulat.Devlet katks teviki, birok farkl grubusisteme katlma konusunda harekete geirdiigibi, mevcut katlmclar iin de bir cazibe un-suruolarak ne kt. 2013 ylnda yeni yaplanher be szlemeden biri mevcut katlmclartarafndan alnd. Yzde 25 devlet katks siste-medaha nce girip kendi istei ile ayrlanlarda yeniden sisteme girme konusunda teviketti. Sistemden kendi isteiyle ayrlanlardanyeniden sisteme dahil olanlarn oran tm yllariin ortalama yzde 5,5 seviyesindeyken, 2013ylnda yzde 7,4e ulat.2013 ylnda sisteme ilk kez katlanlarn yadalmna bakldnda 25-34 ya grubununyaklak 375 bin katlmc ile en byk grubuoluturduu grld. kinci en byk grubuyaklak 300 bin katlmcyla 35-44 ya arasn-dakileroluturdu.DEVLET KATKISI ORTA YAITEVIK ETTIKatlmclarn sisteme ilk kez giri yaptkla-2013 YILINDA SISTEMEILK KEZ KATILANLARINYA DAILIMINABAKILDIINDA25-34 YA GRUBUNUNYAKLAIK 375 BINKATILIMCI ILE ENBYK GRUBUOLUTURDUUGRLD.THE EXAMINATION OFTHE DISTRIBUTIONOF THE AGES OF THENEW PARTICIPANTSIN THE SYSTEM IN2013 REVEALED THATAPPROXIMATELY375,000 PEOPLEIN THE 25-34 AGEGROUP CONSTITUTEDTHE LARGEST GROUP.20111 54 202 105 253 156 307 352012 2013 2014*KATILIMCI / PARTICIPANTSFON BYKL / FUND SIZEMILYON KII / MILLION PEOPLEKaynak: Emeklilik Gzetim Merkezi* 27 Haziran 2014 itibarylaSource: Pension Monitoring Center* As of 27 June 2014MILYAR TL/ BILLION TLSISTEME ILK ALTI AYDA 478 BIN YENI YE KATILDIAPPROXIMATELY 478,000 NEW MEMBERS PARTICIPATED IN THE SCHEME IN THEFIRST 6 MONTHS OF THE YEAR2.641.84314,33.128.13020,34.153.05525,14.631.79729,5 26. ANALZ-SEKTR / ANALYSIS-SECTOR24 AUSTOS - EKM / AUGUST - OCTOBER 2014rndaki yalar 2013 ylna kadar ortalama 34olarak hesaplanrken, 2013 ylnda bu ortala-mannzellikle kadnlarda 36,5e ykselmiolmas, devlet katks uygulamasnn belli biryan zerindeki katlmclar harekete geirdi-inigsterdi.2013 yl, tm dnyay etkisi altna alanekonomik krizin yansmalarnn da nispetenatlatld bir yl oldu. Katlmclarn 2013ylna uyarlanm olan yllk ortalama demetutarlar krizin yaand 2008 ylnda endk seviyesi olan 2 bin 200 liraya gerilerken,2013 ylnda bu tutar 2 bin 500 lira oldu.2013 ylnda devreye giren destekler, siste-meyeni giren katlmclarn dedii ortalamakatk paynn da artmasn salad. Katk pay-larnnyzde 30a yakn bir seviyede artmasile birlikte fon bykl 25 milyar TLyi at.2013 sonu itibar ile toplam katk pay 21,9 mil-yarlira oldu. Bunun 466 milyon liras ynetimgideri kesintisi olarak dldkten sonra kalan21,4 milyar lira yatrma ynlendirildi.SISTEM ILK EMEKLILERINI2013TE VERDI2013 yl ayrca Bireysel Emeklilik Sistemininilk emeklilerini vermeye balamas asndanda nemliydi. On yl nce sisteme giren, 56yan dolduran ve emeklilik hakk kazananyaklak 14 bin 500 katlmcdan 7 bin 500birikimlerini ald. Yaklak 7 bin katlmcise emeklilik hakkn elde etmesine ramensistemde kalp birikimlerini srdrmeye kararverdi. lk emekliler, birikimli hayat sigorta-larndanveya vakf, sandk, tzel kiilii haizmeslek kuruluu veya sair ticaret irketindenthey first become a part of the scheme was 34 until2013, it has been observed that this has increasedto 36.5 in the aftermath of the introduction of theincentive, especially amongst females, pointing tothe fact that the incentive led participants above acertain age to take action.2013 was also the year the remnants of theeconomic crisis that has affected the entire worldwere eradicated, to a certain degree. While annualaverage contributions of participants in the schemeregressed to their lowest level of TRY 2,200 in 2008,adjusted to the present, this number settled at thelevel of TRY 2,500 in 2013.The subsidy provided by the government in2013 also led to an increase in the average contribu-tionsmade by the new participants in the scheme.As the participation shares increased close to 30 %,the size of the fund exceeded TRY 25 billion. As ofthe end of 2013, participation shares totaled TRY21.9 billion. TRY 21.4 billion remaining after the de-ductionof the management fees of TRY 466 millionwas directed to investments.THE SCHEMES FIRST PENSIONERSWERE IN 20132013 was also significant in terms of the fact thatit was the year that saw the first pensioners of thescheme. A total of 7500 of approximately 14,500participants that took part in the scheme ten yearsago and had become 56 years of age received theiraccumulations. Approximately 7,000 participantson the other hand decided to continue to save underthe scheme in spite of the fact that they were entitledto their pension funds. The first pensioners consist-edof those that transferred funds from permanentlife insurance schemes, funds, public vocationalBES'te emeklilerin yzde75'inin 18 bin 750 TLveya zerinde emeklilikdemesi ald grld.It has been observed that75 percent of pensionersreceived pensionpayments of TRY 18,750 ormore in Individual PensionFund Scheme.18 EMEKLILIK IRKETI VARHalen 18 emeklilik irketininfaaliyet gsterdii sektrde,katlmc says bakmndanilk srada 817 bin katlmc ileGaranti Emeklilik ve Hayat yeralrken, ikinci 800 bin katlmcile Anadolu Hayat Emeklilik,nc ise 677 bin katlmcile Avivasa Emeklilik oldu. Ka-tlmclarnfon tutarlarna greyaplan sralamada ise Anadoluhayat Emeklilik 5,8 milyar liraylabirinci oldu. Avivasa'nn 5,6milyar lirayla ikinci olduusralamada, Garanti Emeklilik veHayat 4,8 milyar lirayla ncsrada yer ald.THERE ARE 18 PENSION FUNDCOMPANIESIn the sector, which presently has18 pension fund companies thatare active, Garanti Emeklilik veHayat takes up the leading positionwith 817,000 participants followedby Anadolu Hayat Emeklilik insecond position with 800,000participants and Avivasa Emeklilikcoming in third with 677,000participants. On the other hand,according to the ranking madeon the basis of the sum of fundsdeposited by the participants;Anadolu Hayat Emeklilik takesup the leading position with TRY5.8 billion. In this ranking, whereAvivasa occupies second positionwith TRY 5.6 billion, GarantiEmeklilik ve Hayat comes as thirdwith TRY 4.8 billion. 27. STRATEGY 25aktarm yapan katlmclardan olutu. Bu trkurululardan bireysel emeklilik sistemine ak-tarlantoplam 300,6 milyon TL katk, bireyselemeklilik sisteminde geirdii sre sonunda,gelir vergisi stopaj sonras yzde 22 getirielde ederek 365,6 milyon TLye ulat. Kiilereyaplan deme tutarlarna bakldnda, ortala-mabirikimin 66 bin 150 TL civarnda olduu,emeklilerin yzde 75inin 18 bin 750 TL veyazerinde emeklilik demesi ald grld.FON BYKL 30 MILYAR LIRAYAYAKLATI2014 ylnn ilk alt aylk dneminde de kat-lmcsaysndaki art devam etti. 27 Haziran2014 itibaryla katlmc says yaklak 4milyon 632 bin olurken, katk pay tutar 24,4milyar liraya, katlmclarn fon tutar 29,5milyar liraya ulat. 27 Haziran itibaryla kat-lmclarnyerleik olduu illere bakldndayzde 29,9 ile stanbul ilk srada yer alrken,Ankara yzde 9,3 ile ikinci, zmir yzde 7,5ile nc srada yer ald. Bu illeri srasylaAntalya, Bursa, Adana, Kocaeli, Mula el veKonya takip etti.institutions or other commercial companies of legalentity status. A total of TRY 300.6 million that wastransferred to the individual pension fund systemfrom the foregoing entities yielded 22 % return andreached TRY 365.6 million after withholding tax,in the time it was invested in the individual pensionfund system. The payments made to individualpensioners revealed that the average savings in thesystem was TRY 66,150 while 75 % of the pension-ersreceived pension payments of TRY 18,750 or more.THE SIZE OF THE FUND IS CLOSE TOTRY 30 BILLIONThe increase in the number of participantscontinued in the first half of 2014. As of 27th June2014, the number of participants in the schemewas approximately 4,632,000, while the sum of theparticipations reached TRY 24.4 billion and the totalamount in the fund was TRY 29.5 billion. When welook at the distribution of the participants on thebasis of the cities as of 27 June, we see that Istanbulranks first with 29.9 %, followed by Ankara in thesecond place with 9.3 %, Izmir in third with 7.5 %.These cities were followed by Antalya, Bursa, Adana,Kocaeli, Mula el and Konya respectively.KATILIMCI / PARTICIPANTS56 YAINI DOLDURAN VEEMEKLILIK HAKKI KAZANANKATILIMCILARIN YAKLAIK SAYISIAPPROXIMATE NUMBER OFPARTICIPANTS WHO HAVE REACHED56 YEARS OF AGE AND AREENTITLED TO BE PENSIONED OFFBIREYSEL EMEKLILIK SISTEMI'NEISTANBUL'DAN KATILIM ORANIRATE OF PARTICIPATION IN THEPENSION FUND SYSTEM FROMISTANBUL14.500%29,91 BESNEDIR?Bireysel emeklilik sistemininamac, bireylerin almayaamlar boyunca yaptklartasarruflarn yatrma yn-lendirilmesinisalayarak,tasarruf yaptklar dnemdesahip olduklar refah seviye-sininemeklilik dneminde dedevam etmesini salamaktr.2 BES'E KIMLERKATILABILIR?Bireysel emeklilik sisteminefiil ehliyetine sahip kiilerkatlabilir. Sisteme katlmiin bir emeklilik irketi ileemeklilik szlemesi imzala-makyeterlidir.3 SISTEM NASILALIIYOR?Emeklilik irketi tarafn-dantahsil edilen katkpaylar "emeklilik yatrmfonlarnda"deerlendirilir.Katlmc, birikiminin hangifon veya fonlarda deerlen-direceinerisk ve beklentitercihine gre kendisi kararverir. Fonlar uzman portfyyneticileri tarafndanynetilir.4 NE ZAMAN EMEKLIOLABILIRIM?Bireysel emeklilik siste-mindeemekli olmak iinkatlmcnn, sisteme ilkgiri tarihinden itibaren 10yl sreyle sistemde kalmasve 56 yan tamamlamasgerekir. Katlmc isterse,emeklilik hakkn ileri birtarihte kullanabilir.5 EMEKLI OLMADANAYRILABILIR MIYIM?Katlmc bireysel emekliliksisteminden istedii zamanayrlabilir. Ancak bu durumdaemekli olmann getirdiiavantajlardan yararlanamaz.10 yldan nce ayrlanlarayaplan demeler yzde 15, 10yl am ancak yan dol-durmamolanlardan yzde10 orannda stopaj kesilir.1 WHAT IS INDIVIDUALPENSION FUND SYSTEM?The purpose of the individualpension fund system is todirect the savings accumula-tedby people all through theduration of their employmentto investments and as suchto ensure that the level ofwelfare they enjoy duringthe time they are employedis sustained during theirretirement.2 WHO CAN PARTICIPATEIN THE INDIVIDUALPENSION FUND SYSTEM?People who possesses juridi-calcapacity can participatein the scheme. To be able toparticipate in the system it issufficient to sign a pensioncontract with one of thepension companies.3 HOW DOES THESYSTEM OPERATE?The contributions that arecollected by the pensioncompanies are invested in thepension investment funds.The participant decides onthe fund or funds in whichhis/her savings will be inves-tedon the basis of his/herrisk and return expectations.The funds are managed byspecialized fund managers.4 WHEN WILL I BEENTITLED TO MYPENSION?The participant will berequired to stay invested inthe scheme for a period of 10years starting from the dateof his/her first introduction tothe system and upon turning56 will be pensioned off inthe individual pension fundsystem. If the participantdesires, he/she can exercisehis pension entitlement at alater date.5 CAN I LEAVE THESYSTEM PRIOR TO BEINGENTITLED TO MY PENSION?The participant can leave thesystem any time he desires. Ho-wever,under the circumstanceshe will not be able to benefit fromthe advantages. When he leavesthe fund prior to completingthe 10-year limit, a withholdingtax at the rate of 15 % will bededucted, while the withholdingtax applicable to the savings ofthe participants that complete 10years in the system but who havenot yet turned 56 years of agewill be 10%.BE SORUDA BIREYSEL EMEKLILIK SISTEMIINDIVIDUAL PENSION FUND SYSTEM IN 5 QUESTIONS 28. KAPAK / COVER26 AUSTOS - EKM / AUGUST - OCTOBER 2014EXPORTERS WILL ACHIEVE THEIRTARGETS THANKS TO EUROPEIt seems that the export volume of Turkey has caught up with its previous level.The export volume displayed a further increase of 7.3 percent in the first half of the year2014. The positive momentum in the commerce with the European Union Countriesfeeds the hopes of the exporters to achieve their year-end targets. 29. STRATEGY 27CENK SARIOLUTrkiye'nin ihracat eski performansn yakalam grnyor.hracat, 2014'n ilk yarsnda da yzde 7,3 orannda artt.Avrupa Birlii lkelerinin ykselen performans yl sonuhedeflerine ulamak iin mitleri artryor.HRACATI HEDEFNEAVRUPA'YLA ULAACAK 30. KAPAK / COVER28 AUSTOS - EKM / AUGUST - OCTOBER 2014hracat 2013 ylnda bir nceki yla greneredeyse ayn kald ve yzde 0.01 orann-daartla 151 milyar 695 milyon dolardan151 milyar 707 milyon dolara ykseldi. Trkiyehracatlar Meclisi verilerine gre 2013 ylndatarm sektr ihracat yzde 11,6 oranndaartla 21 milyar 353 milyon dolara, sanayirnleri ihracat yzde 4,2 orannda artla 119milyar 48 milyon dolara, madencilik sektrihracat yzde 20,6 orannda artla 5 milyar 42milyon dolara ulat. Haziran ve Austos dn-dakiyln on aynda ise Cumhuriyet tarihininihracat rekoru krld. Bu baarlara ramen ylsonu rakamnn yerinde saymas, hracatBirlikleri Kaydndan Muaf hracatta yaananyzde 55,8lik dten kaynakland. 2012ylnda 14,1 milyar dolar olan Birlik kaydndanmuaf ihracat 2013 ylnda 6,3 milyon dolarageriledi. Bu dn temel nedeni ise 2012 y-lnda12,7 milyar dolara ulaan altn ihracatnn2013te 3,3 milyar dolarda kalmas oldu.2013 ylnda otomotiv sektr ihracatampiyonu oldu. Sektrn ihracat yzde 11,8artarak 21,3 milyar dolara ykseldi. kincisray 17,4 milyar dolarla kimyevi madde-lersektr, nc sray ise 17,4 milyardolarla hazr giyim ve konfeksiyon sektrald. Geen yl en fazla ihracat yaplan 3 lkesrasyla Almanya, Irak ve ngiltere oldu.Almanyaya ihracat 2012 ylna gre yzde 3artarak 13,3 milyar dolar olarak gerekleti.Iraka ihracat yzde 10 artla 11,8 milyardolara, ngiltereye ihracat ise yzde 8 artla8,5 milyar dolara ulat. Bu lkeyi srasylaRusya, talya, Fransa, ABD, spanya, in, Hol-landatakip etti. 2013 ylnda ihracatn nemlioranda artt lkeler arasnda yzde 137 artT he 2013 export volume remained almost thesame in comparison to the previous yearincreasing to $ 151 billion 707 million from$ 151 billion 695 million displaying an increaseof 0.01 percent. According to the data released byTurkish Exporters Assembly, in 2013 the exportvolume of the agricultural sector reached $ 21billion 353 million displaying an increase of 11.6percent, while the exports of industrial productsended the year at $ 119 billion 48 million level withan increase of 4.2 percent and the exports in themining sector reached $ 5 billion 42 million leveldisplaying an increase of 20.6 percent. On the otherhand, in the 10 months excluding the months ofJune and August the export volume has brokenthe record of the republican period. However, thetotal volume of exports was almost the same incomparison to the previous year in spite of all theseachievements due to the 55.8 percent decreaseexperienced in The Exports Exempt Of Registra-tionwith Exporters union. $ 14.1 billion ExportsExempt of Registration With Exporters Union inthe year 2012 retreated to $ 6.3 million in the year2013. The main reason behind this decrease wasthe export volume in gold that was in an amount of$ 12.7 billion in the year 2012 in comparison to itslevel of $ 3.3 billion in the year 2013.In 2013, automotive sector has been the leadingforce in exports. The export volume of the sectordisplayed an increase of 11.8 percent by the end ofthe year at $ 21.3 billion level. Chemical substancessector and readymade clothing sector followed inthe second and third positions with both yielding$ 17.4 billion in exports. Germany, Iraq and theUnited Kingdom were respectively the countries towhich the highest volume of exports was directedto. The exports to Germany displayed an increaseGEEN YIL EN FAZLAIHRACAT YAPILAN3 LKE SIRASIYLAALMANYA, IRAK VENGILTERE OLDU.GERMANY, IRAQAND THE UNITEDKINGDOM WERERESPECTIVELYTHE COUNTRIESTO WHICH THEHIGHEST VOLUMEOF EXPORTS WASDIRECTED TO. 31. STRATEGY 29ile Gine, yzde 82 art ile Suriye, yzde 79 ileGabon, yzde 67 art ile Benin ve yzde 66ile Malezya yer ald.Blgesel olarak bakldnda Avrupa Birlii(AB) yine en fazla ihracat yaplan blge oldu.Trkiyenin ABye ihracat yzde 7 artarak 61,9milyar dolara ykseldi. Ortadouya ihracat2013 ylnda yzde 2 artarak 27,5 milyar dolaraykseldi. 2013 ylnda BDT lkelerine ihracatyzde 11 artarak 18,2 milyar dolara, Afrikayaihracat yzde 5 artarak 14 milyar dolara ulat.2014N LK YARISINDA HRACATYZDE 7,3 ARTTI2014 yl Ocak-Haziran dneminde ihracat,geen yln ayn dnemine gre yzde 7,3artla 79,9 milyar dolara ykseldi. Yln ilk6 aynda tarm sektrleri ihracat yzde 7,9 ar-tla10,9 milyar dolar dzeyinde gerekleti.Sanayi rnleri ihracat yln ilk 6 aynda yz-de7,1 orannda artla 62 milyar 763 milyondolar olurken, madencilik ihracat yzde 5,3orannda azalla 2 milyar 372 milyon dolarageriledi.lk alt ayda en fazla ihracat yaplan 5 lkesrasyla Almanya, Irak, ngiltere, talya veFransa olsa da Haziran aynda Irak, ncsraya indi. Haziranda Almanyaya ihracat yz-de10, ngiltereye ihracat yzde 22, Fransayaihracat yzde 12 talyaya ihracat yzde 18artt. Iraka ihracat ise yzde 21 geriledi.Iraka ihracatn haziranda yzde 21 oranndaazalmasnn IDin Musulu ele geirmesininardndan balayan olaylardan kaynaklandnbelirten TM Bakan Mehmet Bykeki, Iraketkisi olmasayd genel ihracattaki artn 2,5puan daha fazla olacan kaydetti.of 3 percent in comparison to 2012 ending the year at$ 13.3 billion. On the other hand the export volume toIraq reached $ 11.8 billion level displaying an increaseof 10 percent. The exports to the United Kingdom wererealized at $ 8.5 billion with an increase of 8 percent.These three countries were followed by Russia, Italy,France, USA, Spain, China and the Netherlands re-spectively.Guinea, Syria, Gabon, Benin and Malaysiaoccupied the top positions among the countries withthe highest increases in the volume of exports at 137%,82%, 79%, 67% and 66% respectively in 2013.When we look at the picture on the basis of theregions, it can be seen that the European Union(EU) was the region in which the highest volume ofexports was realized. The exports of Turkey to the EUincreased to $ 61.9 billion displaying an increase of 7percent. On the other hand, exports to the Middle Eastincreased by 2 percent to $ 27.5 billion. In 2013, the ex-portvolume to CIS countries increased by 11 percent to$ 18.2 billion and to Africa by 5 percent to $ 14 billion.EXPORTS INCREASED BY 7.3 PERCENT INTHE FIRST HALF OF 2014Compared to the same period in the last year, the ex-portvolume in January-June period of 2014 displayedan increase of 7.3 percent reaching $ 79.9 billion level.In the first 6 months of 2014, the export volume of theagricultural sector reached $ 10.9 billion displaying anincrease of 7.9 percent, while the exports of indus-trialproducts increased by 7.1 percent to $ 62 billion763 million level as the exports in the mining sectorretreated by 5.3 percent to $ 2 billion 372 million level.In the first 6 months of 2014, the 5 countries withthe highest volume of realized exports were Germany,Iraq, The United Kingdom, Italy and France respec-tively.However, in the month of June, Iraq skipped alevel to end in 3rd position. In June, export volume toGermany displayed an increase of 10 percent, whilethe increase in exports to the United Kingdom was 22percent, France 12 percent and Italy 18 percent. Theexports to Iraq displayed a decrease of 21 percent.TIM President Mehmet Bykeki stated that thereason behind the 21 percent decrease in exports toIraq was the events that started in the aftermath ofMosul being seized by ISIS and that the increase in theexports would have been 2.5 points higher if not forthe effects of the Iraq skirmishes.The developments that took place in Iraq raisedconcerns especially, in the steel sector, with the highestvolume of exports to this country. As the Turkish Con-structioncompanies active in the region suspendedtheir operations to a great extent, the exports of theiron-steel sector to Iraq decreased by 8 percent in thelast 2 months. The secretary General to the Turk-ishSteel Producers Association (TD), Dr. VeyselYayan, drew attention to the 5.5 percent decrease inthe export volume of the sector and indicated that itwould not be surprising if exports to Iraq decreased2014 YILININ ILK YARISINDAIHRACATIN ARTI ORANIRATE OF INCREASEIN EXPORTS IN THE FIRSTHALF OF 2014%7,3MILYAR $ / BILLION $TRKIYE'NIN 2013 YILIIHRACAT RAKAMIEXPORT NUMBERSOF TURKEY IN 2013151,7PUAN / POINTSHRACAT ARTIINDA IRAK'TANKAYNAKLANAN FARKTHE DIFFERENCE THAT THEDEVELOPMENTS IN IRAQMADE IN EXPORT VOLUME2,5MILYAR $ / BILLION $2014'N ILK ALTI AYINDAAB'YE YAPILAN IHRACATEXPORTS REALIZED TOEU COUNTRIES IN THEFIRST 6 MONTHS OF 201434,4 32. KAPAK / COVER30 AUSTOS - EKM / AUGUST - OCTOBER 2014Irakta yaanan gelimeler, bu lkeye en fazlaihracat yapan elik sektrn de endielendirdi.Blgede faaliyet gsteren Trk inaat irketle-rininalmalarn byk lde askya alma-larnnardndan demir elik sektrnn Irakaihracat son 2 ayda yzde 8 geriledi. Haziranaynda sektr ihracatnda yaanan yzde 5,5 ora-nndakide dikkat eken Trkiye elik reti-cileriDernei (TD) Genel Sekreteri Dr. VeyselYayan, Iraka ynelik ihracatn Temmuzda geenyln ayn ayna gre yzde 80 gerilemesininsrpriz olmayaca grn dile getirdi.ORTADOUDAK DARALMA AB LETELAF EDLECEKBata elik sektr olmak zere Irakta oluankayb yeni alternatif pazarlardaki performanslatelafi edeceklerini kaydeden Mehmet Bykeki,Nasl ki 2009da Avrupa pazarndaki krizi Orta-douile atysak u anda Ortadouda yaanandaralmay da canlanan Avrupa Birlii pazar iletelafi edeceiz dedi.Ege hracat Birlikleri Koordinatr Baka-nSabri nltrk de, zellikle Avrupa MerkezBankasndan gelen ek parasal genilemeylebirlikte ABnin bymesi ve artan i taleple,ithalatnn hzlanmasn beklediklerini, 2014ylnn ikinci yarsnn daha baarl gemesiniumduklarn vurgulad. nltrk, hracatta yenibir Avrupa rzgr yakaladk. Bu rzgar sayesinde2014 yl hedeflerimize kolaylkla ulaacamzngryoruz dedi.Rakamlar da Bykeki ve nltrkn ng-rsndorular nitelikte. Yln ilk alt aylk dne-mindeAvrupa Birlii lkelerine ihracatmz 2013ylnn ayn dnemine gre yzde 14,1 artarak34 milyar 432 milyon dolar dzeyinde gerek-leti.ABnin genel ihracatmzdan ald pay daHaziran ay itibariyle yzde 46,4 oldu. 2013 ylnnHaziran aynda bu oran yzde 43,2ydi. lk altaylk dnem incelendiinde de benzer bir tabloortaya kt. 2013 ylnn ilk alt aynda yzde 42,3olan genel ihracat iindeki ABnin pay bu yln ilkalt aylk dneminde yzde 45,3e ykseldi.Ortadoudaki olumsuz gelimelere kar ylnilk yarsnda olumlu bir performans sergileyenotomotiv sektr de AB pazarndaki gelime-denmemnun. lk alt aylk dnemde ihracatnyzde 11,1 artrarak 11 milyar 717 milyon dolaraykselten otomotiv sektrnn haziran ihracatda yzde 12,8lik ykselile 2 milyar 31 milyon 817bin dolara kard.Trk otomotiv sektr, yln ilk yarsnda enbyk pazar Almanyaya 1 milyar 928 milyon dolarihracat yapt. Almanyann ardndan dier AB lke-leringiltere 1 milyar 254 milyon, Fransa 1 milyar282 milyon, talyaya 957 milyon, Belikaya 571milyon ve spanyaya 498 milyon dolarla yer ald.OTOMOTIV ENDSTRISIAUTOMOTIVE INDUSTRY10.520132014DEM % / % CHANGE11.711,15KIMYEVI MADDELER VEMAMULLERCHEMICALS AND CHEMICALPRODUCTS INDUSTRY8.58.94,47HAZIRGIYIM VEKONFEKSIYONAPPAREL INDUSTRY8.49.412,13IMENTO CAM SERAMIK VETOPRAK RNLERICEMENT AND SOILPRODUCTS INDUSTRY1,611.631,92YA MEYVE VE SEBZEFRESH FRUIT ANDVEGETABLES INDUSTRY1.091.154,521.071.157,94DEMIR VE DEMIR DIIMETALLERFERROUS AND NONFERROUSMETALS INDUSTRY3.393.657,89MAKINE VE AKSAMLARIMACHINERY AND MACHINERYACCESSORIES INDUSTRY2.863.025,58HUBUBAT, BAKLIYAT, YALITOHUMLARCEREALS, PULSES, OILSEEDS, AND PRODUCTSINDUSTRY3.153.428,53DERI VE DERI MAMULLERILEATHER AND LEATHERPRODUCTS INDUSTRY845.6883.74,51MEYVE SEBZE MAMULLERIFRUIT AND VEGETABLEPRODUCTS INDUSTRY598.5682.714,08SAVUNMA VE HAVACILIKSANAYIIDEFENSE AND AEROSPACEINDUSTRY681.8779.314.29ZEYTIN VE ZEYTINYAIOLIVE AND OLIVE OILINDUSTRY271.9129.6-52,33SS BITKILERIORNAMENTAL PLANTSINDUSTRY44.952.116,09DIER SANAYI RNLERIOTHER INDUSTRIALPRODUCTS58.961.143,66milyar dolarbillion dollars2014 LK ALTI AY HRACATIN SEKTREL DAILIMISECTOR BASED DISTRIBUTION OF EXPORTS IN THE FIRST 6 MONTHS OF 2014MCEVHERPRECIOUS METALS ANDJEWELRY INDUSTRY 33. STRATEGY 31by 80 percent in July in comparison to the sameperiod last year.THE TIGHTNESS IN THE MIDDLE EASTWILL BE COMPENSATED THROUGH EUMehmet Bykeki stated that they will be com-pensatingthe losses experienced in Iraq, especiallywhere the steel sector is concerned, through higherperformances in new alternative markets andcontinued as follows, In the same manner that weovercame the effects of the crisis in the Europeanmarkets in 2009 through our efforts in the MiddleEast, we will weather the current tightness expe-riencedin the Middle East through the markets inthe European Union that have been rallying up.On the other hand, Sabri nltrk, Coor-dinatorPresident of Aegean Exporters Union,explained how they expect an increase in importsin the European Union as the European CentralBank loosens its monetary policy leading to afiscal expansion that would result in an economicgrowth and increase in domestic demand in theEU. He expressed their expectations for a moresuccessful second half in 2014. nltrk added:We have caught a new wave in Europe. Thanksto this new wave, we expect to achieve our targetsfor 2014 quite easily.The numbers are such that, in a manner, theyconfirm the remarks made by Bykeki andnltrk. In the first 6 months of the year ourexport volume to EU countries increased by 14.1percent to $ 34 billion 432 million in comparisonto the same period in 2013. The share of the EU inour total exports was 46.4 percent as of the monthof June. In June 2013 this rate was 43.2 percent. Inthe review of the first 6 months, a similar picturehas been revealed. The share of the EU in the totalof exports of our country in the first 6 months of2013 was 42.3 percent in comparison to the first6 months of this year showing an increase to 45.3percent level.The players in the automotive sector thatdisplayed a positive performance in the first halfof the year in spite of the negative developmentstaking place in the Middle East are quite happywith the developments in the EU markets. Theexport volume of the automotive sector increasedby 11.1% to $ 11 billion 717 million in the first half ofthe year with an increase of 12.8 percent in exportsto $ 2 billion 31 million 817 thousand in the monthof June.In the first half of the