Turkey Economic Outlook
June 7, 2022First-quarter economic growth lost some steam due to softer expansions in household consumption, amid red-hot inflation and deeply pessimistic sentiment. Economic growth is set to moderate further in the second quarter amid the fallout from the war in Ukraine, even-higher inflation and a weakened currency. Consumer sentiment deteriorated in April–May against the backdrop of greater price pressures, which are eroding wage growth and eating into consumers’ pockets. The manufacturing PMI moved further into contractionary territory in the same two months due to protracted supply chain issues and exchange-rate weakness. More positively, business confidence rose in the same period on robust expectations. Meanwhile, President Erdogan vetoed Sweden and Finland’s late March requests to join NATO and seems intent on further delaying or preventing their accessions into the alliance.
Turkey Economic GrowthThe economy will expand at a notably softer pace this year, as domestic demand is dented by pessimistic consumer sentiment, a weak currency and elevated inflation. Unorthodox economic and monetary policy measures pose further downside risks to the lira and the economy. However, a tighter labor market should provide some support. FocusEconomics Consensus Forecast panelists project the economy to expand 2.9% in 2022, which is unchanged from last month, and 3.3% in 2023.
Turkey Economy Data
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|Bond Yield||12.00||-0.09 %||Dec 31|
|Exchange Rate||5.95||-0.85 %||Jan 01|
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Turkey Economic News
June 22, 2022
Consumer sentiment dropped to 63.4 in June from 67.6 in May.
June 13, 2022
Industrial output rose 10.8% year on year in April (March: +9.8% yoy).
June 13, 2022
The current account posted a USD 2.7 billion deficit in April, improving from the USD 5.8 billion deficit posted in March (April 2021: USD 1.5 billion deficit).
June 8, 2022
Consumer prices increased 2.98% in May over the previous month, below the 7.25% increase recorded in April.
June 1, 2022
The ICI Manufacturing Purchasing Managers' Index (PMI) was stable at April’s 49.2 in May.