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MULTIMEDIA
May 26, 2012
 
 
 
 
 
 

Constructors ask for gov’t aid to fight decline

22 October 2009 / TODAY'S ZAMAN WITH WIRES, İSTANBUL
The 21 percent contraction in Turkey’s latest gross domestic product (GDP) figures, despite signs that the economic slowdown is decelerating, underlines the urgency of showing special attention to the construction sector, the Association of Turkish Building Material Producers (İMSAD) has announced.

In its “Monthly Economy Report” for October, the association said optimism has nearly been lost after the government decided not to extend discounts to the value-added-tax (VAT) and duties for the sector any longer.

The report noted a marked decline in applications for construction licenses since March. In March, license applications were up 49.91 percent over the same month of the previous year, but in April the figure sharply plummeted by 32.13 percent. The rate of decline was 41.29 percent in May and 28.78 percent in June, the report noted.

The report suggested organizing a “construction council” meeting to diagnose and sort out problems in the sector and devise a long-term perspective. This council will contribute to removing instability in the construction business, it added.

 
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