Forecast: Turnover in Manufacture of Basic Iron and Steel Sector in Turkey

The turnover in the Manufacture of Basic Iron and Steel Sector in Turkey has shown significant variation over the years. Analyzing data from 2013 to 2023, we observe an initial steady growth in turnover, followed by substantial increases, particularly in 2017 and 2018. However, there was a minor dip in 2019. By 2023, the sector stood at 286.8 billion New Turkish Liras, reflecting an overall positive trend. Specifically, the year-on-year growth rate for the past two years (2022 and 2023) was 4.77% and 4.51% respectively. The Compound Annual Growth Rate (CAGR) over the last five years stood at 6.81%.

Future projections indicate continuous growth, with forecasts showing turnover reaching 346.87 billion New Turkish Liras by 2028, reflecting a forecasted CAGR of 3.01% over the next five years.

Trends to watch for in the future include:

• Impact of global steel demand and supply fluctuations
• Domestic policy changes and economic stability in Turkey
• Technological advancements in manufacturing processes
• Environmental regulations and sustainability practices