Turkey Retail Foods Report 2020

Country:
Turkey

Report Highlights:
Turkey has a young population of 83 million people fueling consumption. The country is in a Customs Union with the EU and is the 19th largest economy in the world. Though the Turkish economy stagnated recently, an annual average GDP growth of 2.2 percent is forecast by the IMF between 2020 and 2024. The IMF forecasts a contraction of about 5 percent in 2020; followed by an approximately 5 percent
growth in 2021. There was a very slight decrease in total imports of consumer-oriented agricultural products in 2019 compared to 2018 in USD terms which reflects the deteriorating economic conditions in the country. EU countries are the major suppliers to Turkey in terms of consumer-oriented agricultural products. There was a major boost to e-commerce in 2020 due to COVID19. Initial reports indicate that supermarket chains saw record sales before the COVID19 lock-down and throughout the pandemic period so far. There was no reported scarcity of food or beverages, but some food inflation
was observed.

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