In 2023, the Turkish economy experienced pivotal policy changes with the government’s attempts to combat persistent inflation and the devaluation of the Turkish Lira. The economic landscape was further complicated by February’s devastating earthquakes affecting a considerable proportion of the population, with the estimated total economic damage reaching $84.1 billion.
Despite these challenges and economic uncertainties, 78 per cent of Swedish firms participating in our survey reported profitability for 2023, with only 10 per cent experiencing losses. Looking ahead, 67 per cent of these companies anticipate an increase in turnover for 2024, although the climate for investments remains one of caution due to macroeconomic unpredictability.
The historical and commercial ties between Sweden and Türkiye, dating back to the 17th and 18th centuries, have played a pivotal role in the establishment and success of the "Swedish brand" within the Turkish marketplace. The high quality and sustainability of Swedish offerings are well-recognised attributes in Türkiye. A significant 81 per cent of survey respondents have reported a positive influence of the "Swedish brand" on their business operations.
Swedish companies operating in Türkiye observe a growing emphasis on sustainability, driven by consumer awareness and sector-specific advancements, yet hindered by inadequate regulatory support and a lack of comprehensive environmental practices. According to the survey results, 61 per cent of the respondents reported that environmental considerations are a factor in their customers' purchasing decisions in Türkiye to varying degrees.
Please download the report to fully overview the results with a detailed analysis.
ABOUT THE SURVEY
This report aims to deliver an in-depth analysis of the business environment in Türkiye from the perspective of Swedish companies operating within the country. Our goal is to deepen your understanding of these companies’ performance and to provide insights into the prevailing opportunities and obstacles in the Turkish market. Moreover, we trust that this document will aid in promoting ongoing trade discussions between Sweden and Türkiye.
The survey gathered responses from February 5 to March 7, 2024, targeting primarily business units, country managers, or sales leaders from Swedish firms. Out of 126 individuals contacted, 49 provided feedback, achieving a 39 per cent response rate.
We extend our deepest gratitude to all the companies and individuals who participated in this survey, offering their invaluable insights and information. Your contributions are vital in creating an insightful and thorough overview of the market conditions in Türkiye.
