Tag Archives: Turkey

A Tale of Two Quarters Turkey’s economic journey has been a rollercoaster in recent times, with a steep ascent in the first quarter followed by a more cautious descent in the second. The reasons for this shift are as complex as the Turkish economy itself. The First Quarter: A Consumer …

On Thursday, the Turkish Central Bank revised its inflation forecast for the end of the year, projecting it to reach 38 percent. Governor Fatih Kara Khan emphasized the bank’s commitment to taking decisive measures to prevent further deterioration in inflation, reaffirming its stance on tightening monetary policy. Presenting the quarterly …

Official data released on Friday revealed that annual consumer price inflation in Turkey surged to 69.8 percent in April, marking the highest level since late 2022. This figure, while slightly below expectations, was primarily driven by significant increases in education, restaurant, and hotel prices. According to the Turkish Statistical Institute, …

Gold futures continue to rise since the beginning of daily trading on Thursday, driven by increased demand for the precious metal by central banks worldwide. No tangible developments have taken place regarding the current situation in the Middle East since Iran launched attacks on Israel with missiles and drones, and …

On Thursday, the Turkish Trade Ministry announced that the country’s trade deficit had narrowed by 10.3 percent year-on-year to $7.52 billion in March. The ministry further stated that the ongoing trend of increasing exports and decreasing imports is anticipated to persist throughout the year. According to the ministry’s statement, exports …

On Monday, Turkish stocks experienced a notable increase while the lira saw a slight decline after reaching its lowest levels ever against the dollar following the opposition’s significant victory over President Recep Tayyip Erdogan’s Justice and Development Party (AKP) in local elections. Analysts attributed the AKP’s electoral setback to factors …

At the beginning of the week, oil prices surged by more than 1.30%, with WTI Oil finding support at $80.63. The US Dollar Index is a little weaker but still trades above 104.00. Russia faces issues from sanctions and drone attacks from Ukraine on Russian refineries and storage facilities, while …

In a surprising move, the Turkish Central Bank raised its benchmark interest rate by 500 basis points, reaching a staggering 50%. This decision comes in contrast to market expectations of holding rates steady and marks the second meeting under the leadership of the new bank governor, Fatih Karahan. The move …

In February 2024, annual inflation rates in Turkey surged to 67.07%, slightly surpassing expectations of 65.74%. This uptick followed a modest increase in January of the same year, where inflation stood at 64.86%. Over the period spanning from 1965 to 2024, Turkey has experienced an average inflation rate of 35.06%. …

Turkey’s economy exceeded expectations in the fourth quarter of 2023, growing by 4.0 percent, surpassing forecasts despite challenges posed by a slowdown in major trading partners and the impact of devastating earthquakes in February. Full-year growth stood at 4.5 percent, buoyed by robust domestic demand. Fourth Quarter Performance: Resilience Amidst …