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2.4 EUROPE--Turkey
2017/11/26
Turkey’s economic activity slowed in 2016 against the backdrop of a failed coup in July and increased geopolitical tensions in the region. However, helped by numerous government measures, both private consumption and investment have started to recover. Against the backdrop of steady increases in the labor force, the youth unemployment rate is historically high, reaching 24% of young workers in early 2017.
 
As Europe’s seventh biggest chiller and air-side market, Turkey was valued as US$ 172.5 million which was just 1% lower than the previous year. There were fewer investments in private sector although public projects continued at a slower pace. In addition, low oil prices and political unrest in neighboring countries had impacted the sales of Turkish building contractors who are very active in the area. Consequently, fewer investments were made by these companies inside Turkey. VRF systems continued to take away market share from the scroll chiller segment. VRF system suppliers offer great design service to mechanical, electrical, and plumbing contractors, making VRFs easier to design than chillers.
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