Current account balance posted a deficit of US$32.4 bn in the Jan.-June period
11 August 2022
The current account deficit continued its widening trend. In June, the current account posted a deficit of US$3.46bn. In the same month of 2021, the CAB had a deficit of US$1.19bn.
External balance gave a high deficit especially due to the increase in energy imports. Service revenues continued to contribute positively to the current account balance.
Turkish Macro: Annual headline inflation increased to 79.60%, with the core at its new high of 61.69%
03 August 2022
CPI inflation was below the market expectations in July with 2.37% monthly increase. As a result, annual inflation increased from 78.62% to 79.60%, setting a new record in the revised series (2003=100).
The continuing upward trend in inflation was mainly driven by the contribution of food, housing, household equipment and alcoholic beverages & tobacco.
The core inflation also moved up by 3.45% MoM, bringing its annual rate to 61.69%, up from June’s 57.26%.
Moderate slowdown in manufacturing industry continued in July
01 August 2022
The manufacturing PMI index fell further in July to 46.9, the lowest level since May 2020.
The index was below the 50 threshold level for the last five months, pointing to a loss of momentum in operating conditions.
Third Inflation Report
28 July 2022
The CBRT announced the third Inflation Report of the year today and raised its year-end inf
lation forecast for 2022 from 42.8% to 60.4%. It stated, that increases in global commodity prices, especially energy and food, supply constraints caused by ongoing disruptions in the global supply chain, and exchange rate developments are the main determinants of the increase in consumer prices and continued to put pressure on them in the second quarter.
CBRT decision: Emphasis on risks on global growth and inflation continued
21 July 2022
Risks on global growth and already high global inflation continue amidst the escalating geopolitical risks. The divergence of monetary policy steps and communications of developed countries' central banks are increasing due to their diverse economic outlook.
Having held the policy rate constant at 14%, the CBRT, in its MPC disclosure, emphasized the accelerating geopolitical risks, which caused a weakening in the global economic activity and an increase in the likelihood of a recession.
CBRT decision: Emphasis on risks on global growth and inflation
23 June 2022
Risks on global growth and already high global inflation continue. The divergence of monetary policy steps and communications of developed countries' central banks are increasing due to their diverse economic Outlook.
Budget balance posted a surplus of TRY 144bn in May
15 June 2022
Budget balance gave a surplus of TRY 144bn in May, which was a deficit of TRY13.4 bn in the same month of 2021 The central government budget revenues increased by 204% annually.
April’s industrial production is on a good start for the second quarter on y/y terms
13 June 2022
Industrial production (IP, according to unadjusted data) gained some momentum in April.
The annual increase in WDA industrial production was 10.8% in April compared to 9.8% in March which brought down IP to a %10.2 yoy increase 1Q22.
Turkish economy grew by 7.3% in the first quarter of 2022
31 May 2022
In accordance with the market expectations, Turkish economy grew 7.3% in the first quarter of 2022. On a quarterly basis, seasonally and calendar adjusted economic growth was 1.2%, down from the 1.5% realized in 4Q21.