On 12 June, Turkish Prime Minister Recep Tayyip Erdogan was re-elected for a third term, the first leader in the country's history to achieve such a result. Erdogan's ruling conservative party (AKP, Justice and Development Party) won 50% of the votes, while the main opposition party (CHP, Republican People's Party) obtained some 26% of voter support. The AKP secured 326 seats, slightly less than the 330 required for the absolute majority, and will therefore, need to achieve a consensus with other parties in order to rewrite Turkey's constitution, which was established by generals following a military coup in 1980. As part of the reforms, Erdogan plans to change the current parliamentary system and adopt a presidential style, a proposal that opposition parties have rejected. The result was welcomed by analysts, who hope for market-friendly policies and anticipate a greater focus on economic matters, as lawmakers shift their interest from the consensus building required for constitutional reform. Just a day after the elections, on 13 June, Fitch ratings announced that a possible upgrade of Turkey's sovereign rating would depend on ?securing sustainable growth consistent with macroeconomic stability.? Amongst the many challenges the government faces on the economic front is a widening current account deficit that threatens to become unsustainable. In the political arena, political unrest in neighbouring Syria as well as stalled EU membership talks are putting Turkey's diplomatic skills to the test.
Erdogan re-elected for a third term
June 12, 2011
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Turkey Economic News
October 25, 2016
The Real Sector Confidence Index published by the Central Bank decreased from September’s 106.5 to 101.7 in October, the lowest reading in one year.
October 21, 2016
The consumer confidence index, published by the Statistical Institute in cooperation with the Central Bank, decreased slightly from 74.3 in September to 74.0 in October.
October 20, 2016
At its 20 October monetary policy meeting, the Central Bank of the Republic of Turkey (CBRT) decided to keep the marginal funding rate unchanged at 8.25%.
October 13, 2016
The current account balance recorded a USD 1.8 billion deficit in August (July: USD 2.7 billion deficit).
October 10, 2016
In August, industrial production expanded a calendar-adjusted 2.2% compared to the same month last year.