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        <div id="content-top1">Page 15 - VGTemmuz_2016</div>
        <div id="content-top2">P. 15</div>
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    <pre style="white-space:pre-line"><code>Ekonomi YorumlarÄ±

Levent TopÃ§u
Ã‡aÄŸdaÅŸ GÃ¼ndÃ¼z
Onur YÄ±ldÄ±z
Deniz Ãœnal

                   TÃ¼rkiye ekonomisi

                   â€¢	 TÃ¼rkiye ekonomisi 2016â€™nÄ±n ilk Ã§eyreÄŸinde % 4,8 oranÄ±nda bÃ¼yÃ¼dÃ¼: TÃ¼rkiye
                     ekonomisinin yÄ±lÄ±n ilk Ã§eyreÄŸindeki bÃ¼yÃ¼me performansÄ±na en bÃ¼yÃ¼k katkÄ±yÄ± hane
                     halkÄ±nÄ±n yurt iÃ§i tÃ¼ketimi ve devlet harcamalarÄ± yaptÄ±. Bu yÄ±lÄ±n ilk Ã§eyreÄŸinde, bir
                     Ã¶nceki yÄ±lÄ±n aynÄ± dÃ¶nemine gÃ¶re hane halkÄ±nÄ±n tÃ¼ketimi % 6,2 bÃ¼yÃ¼rken, devlet
                     harcamalarÄ± % 10,9 bÃ¼yÃ¼dÃ¼. DolayÄ±sÄ±yla, bÃ¼yÃ¼me rakamÄ±nÄ±n Ã§ok bÃ¼yÃ¼k kÄ±smÄ± tÃ¼ketim
                     yÃ¶nÃ¼nden geldi. Ã–zel sektÃ¶r yatÄ±rÄ±m cephesinde tÃ¼ketimde olduÄŸu gibi pozitif bÃ¼yÃ¼me
                     rakamlarÄ± gÃ¶zlenmedi. Kamu sektÃ¶rÃ¼ ve inÅŸaat sektÃ¶rÃ¼ dÄ±ÅŸÄ±nda, Ã¶zel sektÃ¶rÃ¼n yatÄ±rÄ±m
                     harcamalarÄ± ve makine-teÃ§hizat harcamalarÄ± sÄ±rasÄ±yla % 0,3 ve % 4,7 geriledi. BÃ¼yÃ¼me
                     rakamlarÄ±ndaki tÃ¼ketim aÄŸÄ±rlÄ±ÄŸÄ± ve sermaye yatÄ±rÄ±mlarÄ±ndaki duraÄŸanlÄ±k, sergilenen
                     bÃ¼yÃ¼me performansÄ±nÄ±n sÃ¼rdÃ¼rÃ¼lebilirliÄŸi konusunda soru iÅŸaretlerini beraberinde
                     getiriyor.

                   â€¢	 HÃ¼kÃ¼metten â€œYatÄ±rÄ±m Reform Paketiâ€: TÃ¼rkiyeâ€™deki yatÄ±rÄ±m ortamÄ±nÄ±n
                     iyileÅŸtirilmesine yÃ¶nelik bazÄ± dÃ¼zenlemeleri iÃ§eren yasa tasarÄ±sÄ± Meclis BaÅŸkanlÄ±ÄŸÄ±na
                     sunuldu. Reform paketi iÃ§inde temelde bazÄ± bÃ¼rokratik engellerin kaldÄ±rÄ±lmasÄ±, vergi
                     ve damga masraflarÄ±nÄ±n azaltÄ±lmasÄ±, emlak vergisi istisnasÄ± gibi dÃ¼zenlemeler yer
                     alÄ±yor. AyrÄ±ca, nitelikli yabancÄ± yatÄ±rÄ±mcÄ±ya sÃ¼resiz Ã§alÄ±ÅŸma izni saÄŸlayan Turkuaz Kart
                     verilmesi planlanÄ±yor.

                   â€¢	 Bireysel emeklilikte zorunlu katÄ±lÄ±m dÃ¶nemi baÅŸlÄ±yor: BaÅŸbakan YardÄ±mcÄ±sÄ± Mehmet
                     ÅžimÅŸek, BES otomatik katÄ±lÄ±m uygulamasÄ±na dÃ¶nÃ¼k mevzuat Ã§alÄ±ÅŸmalarÄ±nÄ±n son
                     aÅŸamaya geldiÄŸini belirterek, "45 yaÅŸ altÄ± Ã§alÄ±ÅŸanlarÄ±n otomatik olarak sisteme dÃ¢hil
                     edileceÄŸi uygulamada, katkÄ± payÄ±nÄ±n asgari 100 lira olmasÄ± Ã¶ngÃ¶rÃ¼lÃ¼yor." dedi. Buna
                     gÃ¶re, sisteme 13 milyon kiÅŸi eklenecek (mevcut BES havuzu 6,3 milyon kiÅŸi), dileyen
                     katÄ±lÄ±mcÄ±lar 6 ay sonra parasÄ±nÄ± alÄ±p sistemden Ã§Ä±kabilecek. Uzun vadeli tasarrufu
                     Ã¶zendiren BES sistemini TÃ¼rkiyeâ€™nin yapÄ±sal tasarruf aÃ§Ä±ÄŸÄ± sorununa yÃ¶nelik doÄŸru
                     bir adÄ±m olarak gÃ¶rÃ¼yoruz. Ancak, 2015 yÄ±lÄ± rakamlarÄ± bizi biraz endiÅŸelendiriyor.
                     Buna gÃ¶re, 2015â€™te BESâ€™e 1,2 milyon kiÅŸi katÄ±ldÄ± ancak bunlarÄ±n 743 bini bir yÄ±l iÃ§inde
                     sistemden ayrÄ±ldÄ±. BES fonlarÄ±nÄ±n kÃ¶tÃ¼ getirisi de bunda bir etken olarak gÃ¶rÃ¼lÃ¼yor.

                   â€¢	 KarÅŸÄ±lÄ±ksÄ±z Ã§eklere hapis cezasÄ± gÃ¼ndemde: BÃ¼ltenimizde yakÄ±ndan izlediÄŸimiz bir
                     veri olan karÅŸÄ±lÄ±ksÄ±z Ã§eklerdeki artÄ±ÅŸ oranÄ±nÄ±n ciddi seviyelere ulaÅŸmasÄ±nÄ±n ardÄ±ndan
                     GÃ¼mrÃ¼k ve Ticaret BakanlÄ±ÄŸÄ± daha Ã¶nce 27 yÄ±l yÃ¼rÃ¼rlÃ¼kte kalan ve 2012 yÄ±lÄ±nda
                     kaldÄ±rÄ±lan â€œkarÅŸÄ±lÄ±ksÄ±z Ã§eke hapis cezasÄ±â€ uygulamasÄ±nÄ±n tekrar yÃ¼rÃ¼rlÃ¼ÄŸe konmasÄ±nÄ±n
                     gÃ¼ndemde olduÄŸunu belirtti. Merkez BankasÄ±â€™nÄ±n MayÄ±s ayÄ± verilerine gÃ¶re yÄ±lÄ±n ilk beÅŸ
                     ayÄ±nda karÅŸÄ±lÄ±ksÄ±z Ã§ekler adet bazÄ±nda % 16, tutar bazÄ±nda % 25 artÄ±ÅŸ gÃ¶sterdi.

                   BankacÄ±lÄ±k ve finans

                   â€¢	 IFC ve EBRD Odebankâ€™a ortak oluyor: LÃ¼bnan merkezli Bank Audiâ€™nin sahip olduÄŸu
                     Odebank sermayesini 1 milyar TL artÄ±racak. Sermaye artÄ±rÄ±mÄ±na 200 milyon dolar
                     toplam katkÄ±da bulunacak olan IFC ve EBRDâ€™nin katÄ±lÄ±mÄ± ile Odebankâ€™Ä±n % 25 hissedarÄ±
                     konumuna gelecekler. Bank Audi ise % 75 payÄ± ile bÃ¼yÃ¼k hissedar olmaya devam
                     edecek.

                   â€¢	 Tesco Kipa Migrosâ€™a satÄ±ldÄ±: Anadolu grubuna ait olan Migros, 302 milyon TL bedel
                     ile Tesco Kipaâ€™nÄ±n % 95,5 hissesini satÄ±n aldÄ±. SatÄ±ÅŸ fiyatÄ± Kipaâ€™nÄ±n borsa deÄŸerinin % 90
                     altÄ±nda Ã§ok ciddi bir iskonto ile gerÃ§ekleÅŸti.

                   Temmuz 2016                                                                                   15</code></pre>
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