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2.5 EUROPE: Turkey
2018/01/21
Turkey’s economy took a downturn in 2016 with the political instability in the country. The government’s subsequent political and economic initiatives appear to be having a positive impact, however. According to the IMF, Turkey’s GDP growth rate was 5.1% in 2017, improving more than expected over the 3.2% growth achieved in 2016.
 
One factor behind this growth is a special, lower rate the Turkish government has set in the Special Consumption Tax (SCT) for many home appliance categories. A Cabinet resolution announced in March 2017 lowered the SCT to 0% from 6.7% for air conditioners, refrigerators, washing machines, and other small home appliances purchased by April 30, 2017.
 
A lower Value-Added Tax (VAT) rate for real estate purchases was also extended until September 2017. As a result of this lower VAT rate, demand from newly purchased homes rose.
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