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
January 25, 2023
Business confidence came in at 101.7 in January, up from December's 97.8.
Turkey: Consumer confidence hits highest reading since September 2021 but remains pessimistic in January
January 23, 2023
Consumer confidence rose to 79.1 in January from December's 75.6.
January 19, 2023
On 19 January, the Central Bank of the Republic of Turkey (TCMB) fulfilled market expectations by once again keeping the one-week repo rate unchanged at 9.00%.
January 11, 2023
The current account posted a USD 3.7 billion deficit in November, deteriorating from the USD 0.4 billion deficit recorded in October (November 2021: USD 2.1 billion deficit).
January 10, 2023
Industrial output decreased 1.3% compared to the same month a year earlier in November, which contrasted October's 3.2% increase.