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
5 years of Turkey economic forecasts for more than 30 economic indicators.
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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
September 26, 2022
Business confidence turned into pessimism at the close of the third quarter, with Real Sector Confidence Index falling to 99.9 in September from 102.1 in August.
September 22, 2022
Consumer confidence rose to 72.4 in September, up from August's 72.2.
September 22, 2022
The Central Bank of the Republic of Turkey (TCMB) delivered another surprise rate cut at its 22 September meeting, despite red-hot inflation.
September 13, 2022
Industrial output expanded 2.4% compared to the same month of the previous year in July, which was a deterioration from June's 8.8% increase.
September 12, 2022
The current account posted a USD 4.0 billion deficit in July, increasing from the USD 3.5 billion deficit posted in June (July 2021: USD 0.3 billion deficit).