Construction sector signals soft landing

ISTANBUL - Anatolia News Agency

Turkey’s construction sector grew 11.2 percent in 2011 as 419,000 houses were sold in one year, according to figures provided by the Turkish Construction Industry Center (YEM). However, the center said 2012 growth will not exceed 7 percent.

YEM General Manager Barış Onay told Anatolia news agency that the sector grew 7 percent in the last quarter of 2011.

“This might be considered hopeful data before 2012,” he said.

The sector had grown 2.2, 1.5 and 0.2 percent in the first third quarters in European countries before a 1.4 percent shrinkage in the fourth quarter, Onay added.

The public investments share in sum decreased to 35 percent last year from 40 percent in 2010.

Turkmenistan top market

Overall economic growth is in parallel with that of the construction sector, Onay said, concluding that buildings are the engine power of the Turkish economy.

Evaluating Turkish contractors’ businesses abroad in the first nine months of 2011, Onay said Turkmenistan was the top market with a 17.4 percent share in total. Russia followed with 16.7 percent and Iraq with 14 percent.