TURKEY: Vehicle market collapsed in 2001
After notching up strong growth in 2000, the Turkish vehicle market fell back sharply in 2001. Passenger car sales declined by over 71% to stand at 131,700 units.
The market has been hit by tough times for the Turkish economy. The economy was crippled by a recession that followed a banking crisis and currency crash last February.
However, the decline to vehicle production last year was slightly less pronounced reflecting Turkey's growing role as an international production base and higher exports. Car production in 2001 declined by 38% to stand at 175,343 units. However, car exports grew by 74% to 142,288 units.
Analysts report that the outlook for the economy has improved recently and that the vehicle market should show a corresponding improvement in 2002.