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BMI View: Turkey continues to offer investors a hugely diverse - if risky - portfolio of infrastructure
opportunities, as the government continues to support the privatisation of assets and the use of PPPs. That
said, significant macroeconomic headwinds centred around currency depreciation, tightening credit and
political risk will drag on sentiment in the non-residential sector in particular.
Latest Updates And Structural Trends
? We have maintained our view for tepid growth in the Turkish construction sector in 2016 and 2017,
despite the industry slightly outperforming our expectations in 2015. We forecast real construction
industry growth of 2.8% in 2016 and 3.9% in 2017.
? Rail and road projects continue to see our forecasts for transport infrastructure growth remain buoyant at
4.8% in 2016. However, energy and utilities infrastructure growth has been lowered for 2016 on the back
of the uncertainty surrounding Turkey's nuclear programme. Rosatom is reportedly looking to sell a 49%
stake in the project.
? The Turkish healthcare PPP projects continue to be a favoured infrastructure segments in Turkey and is a
key supporting factor in our non-residential building outlook. In January 2016, the USD1.18bn Etlik
Integrated Healthcare Campus project in Ankara reached financial close.