BMI View: Amid a weakening external environment for Turkish manufactured goods and the Turkish domestic petrochemicals market are set to come under pressure, with BMI revising down its 2013 and 2014 growth forecasts on the back of weakening indicators and revelations that exports may not have been as strong in 2012 as hoped. Industrial growth declined to 3.3% in 2012 from 9.1% the previous year and is expected to fall to 0.9% in 2013. This will undermine petrochemicals output in the short-term, although BMI believes this will not damage local producer Petkim’s ambitious investment programme. Petkim reduced polymer prices in …
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