FEDERATION OF EURO-ASIAN STOCK EXCHANGES
ANNUAL REPORT JUNE 2012
İSTANBUL MENKUL KIYMETLER BORSASI
CAPITAL MARKET DEVELOPMENT AND ECONOMIC OUTLOOK
The world economy is going through an
unsteady recovery period in the post-crisis era.
While growth in developed countries has been
limited in this period, emerging economies
are evidently less affected from the recession
posting more favorable economic results.
Turkey has managed to remain immune, to
a certain extent, to the virulent symptoms
of the financial crisis thanks to its strong
macroeconomic policy framework and robust
structural reforms of the recent decade. The
reinforcement of sound fiscal policies seems
to have broken the typical pattern of booms
and busts, and it has been rewarded with a
considerable decline in Turkey’s risk premium.
In 2011, private consumption was strong and
is expected to continue to be the stronghold
of the economy. In addition, public sector
consumption further adds to growth. Consumer
credit expansion as well as increase in business
lending confirm toward growth in consumption
and investment. Furthermore, capacity utilization
rates have been elevated and the economy is
operating near potential.
In 2011, the İMKB National-100 Index reached
to 1,580.45 (US$ based). The stock market
yearly total traded value is US$ 423.85 billion
and the average daily traded value of equities
amounted to US$ 1.7 billion in 2011.
At the end of 2011, the market capitalization of
363 İMKB traded companies reached to a level
of US$ 202 billion. As of end-2011, 12 ETFs
(Exchange Traded Fund) are traded on the
İMKB Collective Products Market.
In the period of October 2011, compared to
the same period of the previous year, number
of unemployed persons decreased by 447
thousand persons. The unemployment rate in
Turkey fell to 9.1% with a 2.1 point decrease on
October 2011.
Labor market developments, credit growth,
capacity utilization, and consumer and business
confidence point to continued strong growth
in 2011. The country has experienced a quick
rebound achieving a record 8.20% of growth
rate in the third quarter of 2011, and has
become the second fastest growing economy
in the G-20 club. As per OECD forecasts, Turkey
is expected to be the fastest-growing economy
among OECD members during 2011-2017, with
annual growth anticipated to average
6.7 percent.
The turnover in fixed income securities
transacted on the Outright Purchases and Sales
Market is US$ 291 billion in 2011. The Repo/
Reverse Repo Market turnover is US$ 1.7 trillion
in the same period. The average daily traded
value in the overall Bonds and Bills Market
increased to US$ 9.7 billion by 4.6% in 2011.
The visible improvements in the Turkish
economy have also boosted foreign trade,
while exports reached to 11,114 million US$
with an 18.5% increase, exports reached to
18,647 million US$ with an increase of 8.8% in
November 2011. Similarly, tourism revenues,
which are an important source of foreign
currency for Turkey, were US$ 23.02 billion in
2011, jumping from US$ 20.8 billion in 2010.
In 2011, 27 companies offered their stocks for
the first time to public and the number of new
corporate bonds issued on İMKB hit 49. The
amount of funds raised through 27 IPOs was
US$ 832.4 million.
* Information provided by İMKB
ANNUAL AVERAGE REAL GDP GROWTH (%) FORECAST IN OECD COUNTRIES 2011-2017
7
6.7
6
5.0 4.9
4.7 4.5
5
4
4.1
3.9 3.8
3.6 3.5
3.2 3.4 3.4
3
3.0 3.0 2.9 2.8 2.8
2.6 2.6 2.5
2
2.3 2.2 2.1
2.0 1.9 1.8 1.8
1.6 1.4
1.2
1
Source: OECD Economic Outlook No: 86
Key Information Contacts
Capital Markets Board of Turkey www.cmb.gov.tr
İMKB Settlement and Custody Bank Inc. (Takasbank) www.takasbank.com.tr
Central Registry Agency Inc. www.mkk.com.tr
The Association of Capital Market Intermediary Institutions of Turkey www.tspakb.org.tr
The Turkish Derivatives Exchange (TurkDEX) www.turkdex.org.tr
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