In 2009... - Petrol Ofisi

Contraction in oil demand
The global economic turmoil had an adverse affect
on oil demand, causing it to fall by 1.4 million barrels
per day, and by an annual 1.6%. However, the
prevailing optimistic expectations based on the
strength of signs of a growing global recovery from
the economic crisis and hopes for a positive growth
rate in 2010, are expected to increase the global oil
demand by 500,000 to 1 million barrels a day. Nevertheless,
the trend in the oil market is still based upon
the positive outlook of global economy.
Turkey in 2009
Stability despite the crisis
ANNUAl rePort ‘09
Despite the strong growth momentum it had gained
during the period preceding the global crisis, the
Turkish economy was directly affected by the negative
developments around the world, which lead Turkey
to class among the countries hit hardest by the
crisis. After seven years of uninterrupted growth, the
Turkish Economy contracted by 6.5% in the last quarter
of 2008, hitting rock bottom in the first quarter of
2009 as it contracted by 14.7%, and continued with
its downward trend for the following two quarters,
despite the partial recovery provided through VAT/
SCT reductions. The positive developments experienced
during the last quarter brought a 6% growth;
however, overall, the Turkish Economy contracted
by 4.7% in 2009. In addition, sharp declines were recorded
in foreign trade, as well as dramatic increases
in unemployment rates.
Although the economic indicators implied a negative
outlook, the markets in Turkey displayed quite high
performances in 2009. Attaining a positive atmosphere
as the signs of recovery started to appear around the
world, the markets, unlike many other countries,
maintained a balanced progress in most of 2009,
with the relative optimism created by the Medium-
Term Economic Program the government announced
in September. Although the Turkish economy went
through the crisis with a contraction rate which was
quite high compared to world economies, the relative
soundness that the financial system had gained after
2001 helped the markets to maintain an atmosphere
of reliability and stability. In 2009, Turkey displayed a
much more solid position compared to many developing
countries and was among the few countries that
had their credit ratings raised during the crisis.
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