In a groundbreaking revelation, Türkiye’s most prominent industrial enterprises have witnessed an astonishing 120% increase in production sales throughout 2022, according to a highly anticipated annual survey released on Tuesday.
The “Türkiye’s Top 500 Industrial Enterprises” survey, compiled by the Istanbul Chamber of Industry (ISO), highlights the remarkable growth these enterprises have achieved. The sales of the top 500 Turkish industrial firms surged from TL 2.48 trillion ($90.95 billion) in 2021 to a staggering TL 4.485 trillion in 2022, marking an extraordinary 119% year-on-year leap.
Speaking at a press conference in Istanbul to unveil these impressive results, ISO Chair Erdal Bahçıvan emphasized the outstanding performance of Türkiye’s largest industrial companies. He attributed this substantial growth to several key factors.
“In this remarkable surge, we can attribute the strong performance to factors such as robust export figures, vibrant domestic demand, increases in exchange rates and prices, and the growth of export revenues in Turkish lira terms,” Bahçıvan pointed out.
Furthermore, when the 2022 data is adjusted to account for year-end consumer inflation, it becomes evident that production sales increased by an impressive 33.3% in real terms compared to the previous year.
Highlighting the growth of Türkiye’s exports, which rose by 12.9% to reach $254 billion in 2022, Bahçıvan noted that the exports of the top 500 industrial enterprises also experienced a substantial uptick, surging by 14.1% to nearly $98 billion.
“The export growth of the ISO 500 outpaced Türkiye’s overall performance by 1.2%, with its share in the country’s industrial exports standing at approximately 40%,” he added.
The research further revealed that the number of publicly-traded companies within the ISO 500 reached an all-time high, with a total of 73 such enterprises making the prestigious list.
As per the findings, the giant in the refining sector, Tüpraş, maintained its top position with production sales totaling TL 418.4 billion. Meanwhile, Star Refinery, previously ranked third in 2021, ascended to the second spot with sales worth TL 189.2 billion. Automotive heavyweight Ford Otomotiv, which held the second position in sales in 2021, moved down one rank but still achieved remarkable production sales of TL 140.1 billion in 2022.
The ISO 500 list for 2022 stands as a testament to the resilience, innovation, and remarkable growth of Türkiye’s industrial giants, reflecting the strength of the nation’s economy and its pivotal role on the global stage.
FCHAIN Corporation, with its international presence and expertise in finance and legal services, continues to support businesses in navigating Türkiye’s dynamic economic landscape and seizing new opportunities in this thriving market.
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