When construction, exports and investment plunged, nothing could take up the slack.
"There will be less construction and fewer exports this year, " says Ercument Aksoy, chairman of the Turkish-Iraqi Business Council.
During the commodities boom, exports of farm equipment and construction machinery from companies such as Caterpillar and John Deere helped boost the state's economy.
They want their country to rely less on exports and massive investments in construction projects as it does now, and develop instead China's own, domestic economy.
Although Israel lifted most restrictions on the import of goods into Gaza following the flotilla incident, restrictions on some construction materials and most exports remain in effect.
As the revenues continue to pour in from copper, fruit, and wine exports, and new businesses flourish, construction will continue in Santiago.
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The change in the mix of growth should help: productivity in construction remains low, whereas in exports the most productive companies often do best.
Recent economic expansion has been driven by construction, mining, and private investment, exports, and domestic consumption.
Optimists also point out that any American slowdown would presumably be felt most in the construction industry, a sector to which Japanese exports are not heavily exposed.
Turkey exports iron to Iran for use in the country's construction industry (a solid material vital for construction in a nation prone to earthquakes).
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However, the target date to increase the exports to 40 bcm has been pushed back to 2015 because the construction of an additional pipeline has been delayed.
In Australia the slowdown in housing did make a big dent in construction and consumer spending but this was masked by the commodity boom and exports to China.
Thanet council said that live exports had been "suspended until further notice" and its lifting would depend on the construction of "suitable facilities" at the port.
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