Wednesday, June 29, 2016

$9 Billion - The Toll on Turkish Economy for Shooting Down Russian Plane

According to the Federal customs service (FCS), the trade turnover between Russia and Turkey amounted to more than $31 billion in 2014. By the end of 2015 it had dropped to $23.4 billion, and for the first four months of this year it amounted to only $4.8 billion. In fact, by the end of this year, the drop in trade can continue and the value of these losses could exceed $10 billion. Turkey estimates the damage from the deterioration of relations with Russia at 0.3–0.4% of GDP, or $9 billion. Such assessments were shared by Turkish Deputy Prime Minister Mehmet Shimshek in December 2015.

Turkey faced the biggest drop in the flow of foreign tourists in the last 17 years.

According to the Ministry of culture and tourism of Turkey, the number of foreign tourists in April 2016 fell by 28% compared to the same period in 2015 .... http://www.fort-russ.com