by Daniel Dombey<\/p>\n
If you want to see what a booming economy is like, look up at an Istanbul billboard. Like Turkey as a whole, the city is brimful with publicity \u2013 for luxury housing developments, flights across the world and the latest Apple products.<\/p>\n
But in an uncertain 2012, there are signs that the advertising bonanza \u2013 which is still modest by standards elsewhere \u2013 may not expand so quickly in future.<\/p>\n
According to the Turkish Association of Advertising Agencies, the country\u2019s media advertising market is set to grow 15 per cent this year over last year\u2019s total of TL4.3bn ($2.4bn). That\u2019s after growth rates of 20 and 31 per cent for 2011 and 2010 respectively.<\/p>\n
Over 55 per cent of all advertising in Turkey is on television with the press representing 24.5 per cent, the internet 8 per cent and the omnipresent billboards 7 per cent.<\/p>\n
The Association of Advertising Agencies describes its prediction for this year as \u201coptimistic\u201d and \u2013 showing it is unafraid to state the obvious \u2013 points out that overall growth and Turkey\u2019s high level of economic activity are the real drivers of the country\u2019s advertising. Of course, the consumer boom that has helped stoke growth of more than 8 per cent in recent years has everything to do with Turkey\u2019s aspirational adverts.<\/p>\n
Things are finely balanced however. The Turkish central bank said on Wednesday that it expected that the economy would easily meet the government\u2019s 4 per cent growth target for this year, despite a marked slowdown in economic activity at the start of the year which may see growth flat for the first quarter.<\/p>\n
The big risk is in the oil price, which is particularly skittish because of the tensions over Iran\u2019s nuclear programme and to which Turkey, as a large scale energy importer, is particularly vulnerable. A big jump could stoke inflation that is already above 10 per cent a year, leading to higher interest rates, with all that means for economic activity \u2013 and indeed Turkey\u2019s spate of ever slicker ads.<\/p>\n
via Turkish advertising: boom or bubble? | beyondbrics | News and views on emerging markets from the Financial Times \u2013 FT.com.<\/p>\n","protected":false},"excerpt":{"rendered":"
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