Turkey’s GDP growth rate in the third quarter of 2024 slowed to 2.1 percent in annualized terms after climbing 2.4 percent a quarter earlier, the country’s statistical institute (TurkStat) said. This is the worst performance since the second quarter of 2020, when Turkey recorded a contraction in GDP at the height of the coronavirus pandemic. Analysts surveyed by Trading Economics had on average forecast growth of 2.6% in July-September.
Consumer spending rose 3.1% last quarter. Meanwhile, government spending fell by 0.9%, the fastest pace since the first quarter of 2021, and business investment fell by 0.8%, registering a negative trend for the first time in two years.
Exports rose just 0.8% in July-September, while imports fell 9.6%.
Turkey’s GDP contracted by 0.2% in the third quarter relative to the previous three months. The revised data also showed a 0.2% contraction in April-June, while a 0.1% rebound was previously reported.
Turkey’s economy has not contracted for two consecutive quarters on a quarter-on-quarter basis, which meets the technical definition of a recession, since 2018.
Earlier Experts Club think tank and Maxim Urakin released a video analysis of how the GDPs of countries around the world have changed in recent years, more video analysis is available here – https://youtu.be/w5fF_GYyrIc?si=BsZmIUERHSBJrO_3.
Subscribe to Experts Club’s youtube channel here – https://www.youtube.com/@ExpertsClub
Ukraine wanted to buy arms from South Korea that would help in confronting the Russian army, but Seoul refused, South Korea’s SBS News reported.
According to the publication, the Ukrainian delegation asked for authorization to purchase Korean weapons, not a free transfer. In particular, Cheongung medium-range surface-to-air missiles.
According to the source, Ukraine asked for non-lethal weapons. In addition to Cheongung interceptor missiles, the Ukrainians were interested in radars – for air defense and anti-artillery. The Ukrainians also requested charges for 155mm artillery shells.
It is likely that Korean defense companies such as LIG Nex1, Hanwha and Hyundai Rotem have received offers from Ukraine to cooperate on arms purchases. But the South Korean Defense Ministry recommended them to refrain from signing contracts. The reason for the refusal is allegedly “a high risk of violating foreign trade laws restricting exports to combat zones”.
As reported, a Ukrainian delegation headed by Defense Minister Rustem Umerov visited Seoul earlier this week.
Private JSC “Insurance company ‘Nadiyna’ (Kyiv) in January-September 2023 has collected gross insurance premiums in the amount of UAH 49,890 mln, that is by 49,9% less than in the same period a year earlier. This is evidenced by the data in the information of RA “Standard-Rating” on updating the company’s credit rating/rating of financial stability (reliability) of the insurer at the level uaA+ according to the national scale.
Thus premiums from individuals have amounted to UAH 0,36 m, and premiums from reinsurers have been absent. Thus, following the results of the nine months of 2024 the client portfolio of the insurer on gross premiums has been mainly represented by legal persons.
Insurance payments sent to reinsurers, for the reporting period have decreased by 78,57% compared to the same period of 2023 – to UAH 11,818 mln. The ratio of reinsurers’ participation in insurance premiums has decreased by 31,69 p.p. to 23,69%.
Net premiums of the insurer have decreased by 14,31% – to UAH 38,072 mln, and net earned premiums – by 19,28%, to UAH 35,586 mln.
The volume of insurance payments and indemnities made by the company has grown by 89,55% – up to UAH 10,844 mln. Thus, the level of payouts has grown by 15,99 p.p. and has amounted to 21,74%.
Profit from operating activities of the insurer has amounted to UAH 15,335 mln, and net profit has amounted to UAH 13,392 mln.
Assets as of November 1, 2024 have grown by 12,95% – to UAH 85,693 mln, shareholders’ equity – by 5,76%, to UAH 68,306 mln, liabilities – by 54,13%, to UAH 17,387 mln, cash and cash equivalents – by 39,94%, to UAH 57,572 mln.
As of the reporting date, the company formed a portfolio of current financial investments in the amount of UAH 6.195 mln, which consisted of investments in government bonds.
According to the company’s website, it was registered in the Unified State Register of Legal Entities, Physical Entrepreneurs in 2006. Its authorized capital is UAH 15 million.
Its shareholders are eight individuals – residents of Ukraine and one legal entity – Agroholding 2012 LLC.
Shareholders of PJSC Insurance Company VUSO (Kyiv) on December 10 will decide on the appointment of Irina Hevel as Deputy Chairman of the Board for digital business by transfer from the position of Advisor to the Head of the Board. This is reported in the draft decisions of the shareholders’ meeting, publicized by the company in the system of the National Commission on Securities and Stock Market.
As reported, Irina Gevel from August 2017 and until the end of 2023 held the position of the head of the Board of IC “Alfa Insurance”.
In addition, during the meeting Alexey Babenko is planned to be appointed to the position of the Head of Internal Audit Service and Yuri Izotov to the position of the Head of Risk Management of IC “VUSO” by transferring them from the position of the advisor of re-directing. At the same time, it is emphasized that Izotov may take office after the approval of the NBU. Also during the meeting the shareholders plan to approve the risk management policy of the company in a new edition, the plan of continuous activity of IC “VUSO” and the report on compliance risk management for Q3 2024.
IC “VUSO” was founded in 2001. The company holds 50 licenses: 34 – for voluntary and 16 – for compulsory types of insurance, is represented in all regions of Ukraine. It is a member of the Motor (Transport) Insurance Bureau of Ukraine (MTSBU) and the Ukrainian Insurance Federation (UIF), as well as a participant of the Agreement on direct settlement of losses and a member of the Nuclear Insurance Pool.
How many companies are located in the territory of active hostilities
According to the Ministry of Reintegration, 180,253 Ukrainian companies are registered in the frontline areas. Of these, 14% are in the areas of active hostilities. Most of these businesses are in Kharkiv and Zaporizhzhia regions.
Currently, more than 1.4 million companies are registered in Ukraine. 13% of them are registered in the frontline areas – about 180 thousand businesses.
You can check the registration of companies and individual entrepreneurs in the temporarily occupied territories in the OpenDataBot.
Only 1.1 thousand of these companies operate in the areas where active fighting is taking place and all state registries are disabled. Another 25 thousand (14%) are located in the area of active hostilities, where state electronic information resources are functioning. The vast majority are registered in the area of possible hostilities – 153 thousand businesses
Kharkiv region has the largest number of registered businesses among the 9 frontline regions. More than a third of companies are registered in this region – over 69 thousand. Almost half as many businesses are registered in Zaporizhzhia region – 32 thousand. Mykolaiv region closes the top three with 27 thousand (15.2%).
https://opendatabot.ua/analytics/frontline-business
This week Ukrainian producers have had the opportunity to increase prices for onions, analysts of the EastFruit project report. According to the farmers themselves, they manage to increase prices for this product due to a noticeable increase in demand. At the same time, the supply of quality onions on the market is quite limited, as many farms continue to refrain from selling these products from storage.
It should be noted that the price growth is observed only in the segment of high quality products, when the supply of medium and low quality vegetables has noticeably decreased. Today, Ukrainian farms offer quality onions for sale in the range of 12-17 UAH/kg ($0.29-0.41/kg), which is on average 35% more expensive than at the end of last week.
Thus, currently onion prices in Ukraine already exceed last year’s figures for the same period by an average of 16%. But, market analysts note that this situation is somewhat artificial and is due to the fact that many farms simply refuse to sell at current prices, thereby creating an even more significant shortage of these vegetables in the market.
If we compare the situation on the onion market with other countries of the project monitoring region, then by the end of this week this vegetable in Ukraine may lead the rating with the highest prices. According to experts, if this trend on the market strengthens, import of onions to Ukraine in the current season may start earlier than traditional terms.
You can get more detailed information about the market development of onions and other horticultural products in Ukraine by subscribing to the operative analytical weekly – EastFruit Ukraine Weekly Pro. Detailed information about the product can be found here.
