Abstract
Although Turkey' s total telecom services revenue has a somewhat unsteady
trajectory in dollar terms, it has remained stable in terms of local currency:
We forecast revenue to grow at a CAGR of 3.74% in local currency terms from
YTL23.4bn in 2009 to YTL28.1bn in 2014. In US dollars terms, the Turkish
telecom market generated $16.2bn in 2008, and we expect it to be worth $13.9bn
in 2009 due to the depreciation of the Turkish lira by almost 30%. Pay-TV,
fixed broadband, VoIP and mobile data will be the main drivers of revenue
growth over the forecast period with double-digit growth rates. The mobile and
circuit-switched voice segments will remain interesting due to their weight in
the overall communications market, although their revenue growth will slow to
1.6% and -1.7% for mobile and fixed voice, respectively.
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