At a meeting of monetary and exchange rate policy for 2013 Governor Başçı, announced plans for the future. Chairman of the Central Bank gave information about their expectations of inflation and growth and he announced their inflation forecast for 2015, officially. In the press conference aimed to explain Monetary and Exchange Rate Policy for 2013, Central Bank Governor Erdem Başçı said the main objective o ...

OUTLINE OF TURKEY ECONOMY REPORT - DECEMBER 2012 We believe the data down below would be convenient to provide an opinion for anyone who would like to have a swift look at what has been happening in the Turkish economy, on a monthly basis. September industrial production index increased by 6.2% compared to the same month of the previous year. The increase in the index, which was the highest since November 2 ...

On October 9th, the Medium Term Program (MTP) covering 2013-2015 period was announced in Turkey. The program, which sets out the Government’s plan for the macroeconomic framework throughout the next three years and also comprises 2012 year-end forecasts of main macroeconomic indicators, is prepared mainly under the assumption of a persistent presence of the downward risks surrounding the world economy. Duri ...

Down below are the economic indicators of Turkey, reported as of October 2012. This data is compiled from various sources such as reputable banks - and originally from figures announced by TURKSTAT (Turkish Statistical Institute) and Central Bank. Turkish economy in spite of the stagnancy in the major world markets has managed to avoid a likely crisis (as with Greece and Spain) so far. The government (altho ...

Turkey's economy grew slower than expected in the second quarter and a deeper slowdown is expected during the rest of the year as domestic demand weakens, raising pressure on the central bank to cut borrowing costs more aggressively. Gross domestic product (GDP) grew 2.90 percent year-on-year, below a Reuters poll forecast of 3.25 percent, data from the Turkish Statistics Institute showed. First quarter gro ...

We believe the data below would be useful to provide a brief opinion for those who would like to have a quick look at what has been happening in the Turkish economy, recently. Further details can be obtained from related sources. ECONOMIC OVERVIEW Despite the slowdown in the global economic activity the rise in Turkey’s exports and continuation of re-balancing in the demand composition support the expectati ...

The economical performance Turkey has been displaying recently has been verified by another global agency to pave the way to an increase in credit note. The Fitch Group, a global rating agency based in both London and New York has declared that Turkey stands chances of being granted a better credit note thanks to its perfomance in current account deficit and inflation figures. The agency stated that Turkey' ...

In the first quarter of 2012, improvement signals in the balance of current account and inflation will be more powerful, leading  better conditions on the economy, if the economy in the second quarter of 2012  moves as in the first quarter. However, the economy authorities have also been trying to accommodate  the market to the possibility that the economic growth rate might realize below   %4. If we look a ...

Central Bank Gov Erdem Başçı says that consumer inflation may take a downward path after it rose in June. The bank forecasts 6.2 percent year-end inflation. AA photoThe Turkish Central Bank has revised down its year-end inflation forecast, citing the falling downward trend in energy and food prices. “We have dropped our year-end inflation forecast buy 0.3 percent to 6.2 percent, based on the downward assump ...

Central Bank revises year-end CPI down to 6.98 pct. Turkish Central Bank revised the year-end consumer prices index down to 6.98 percent in its second term survey of expectation for July 2012. The year-end CPI had been 7.02 percent in the first term survey for July 2012 of the Central Bank. The bank's expectation for year-end current account deficit dropped to 63.4 billion USD from 63.8 billion USD. Expecta ...

OECD releases 2012 Turkey reports The Organization for Economic and Cooperation and Development (OECD) praised the structural and macroeconomic policies of Turkey in its 2012 Turkey report. The report says that Turkey's economy rebounded vigorously following the global crisis, adding, "The growth averaged close to 9 percent in 2010-11, with strong job creation. At the same time, the current account deficit ...

In its Inflation Report published in April, CBRT stated that the economic  activity in the first quarter of 2012 displayed a weak performance. However, it was also noted that this weakness in economic activity stemmed from temporary factors and the domestic economic activity is expected to show a “mild” recovery in the second quarter. In 2012, CBRT has been designing its monetary policy stance in order to s ...

Turkish official inflation rises to 11.1% in April Turkey's annual inflation rose to 11.14 percent in April after holding steady at 10.43 percent for two months, the national statistics office said Thursday. ANKARA- Consumer price inflation recorded a monthly growth of 1.52 percent in April, pushing a 12-month inflation average to 8.59 percent, the Turkish Statistics Institute said on its website. A breakdo ...

Consumer prices rose by 10.43 percent in March annually, official data shows. Monthly inflation figure was at about 0.4 percent, below market expectations Turkey’s consumer inflation for March remained at 10.43 percent year-on-year last month, with liquors and tobacco suffering the most, with an annual rise of more than 18 percent, the Turkish Statistical Institute’s (TÜİK) monthly report showed yesterday. ...

With a third gas price hike in one month, Turkey’s gas prices have seen an 8.5 jump year-to-date. The price hikes could raise natural gas and electricity prices Gas prices in Turkey were hiked yesterday for the third time in just one month, resulting in about an 8.5 percent price jump for the year to date, as oil prices rise due to changes in lira to dollar exchange rates, political uncertainties and instab ...

Turkey increases its purchasing power According to the Purchasing Power Parity covering 37 countries, which was conducted in cooperation by the Turkish Statistical Institute (TUIK), EUROSTAT and OECD, the volume index per person in Turkey which totaled 47 points in 2008 and 46 points in 2009 increased to 49 points in 2010. Turkey’s income has amounted to 42 percent of the average in EU 27 in 2007. According ...

Turkey’s year on year inflation hits 10.43 percent in February, mainly because of a hike in taxes on cigarettes and alcoholic drinks in the last quarter of last year Turkey’s consumer price index (CPI) rose by 0.56 percent in February 2012 from a month earlier. On a year over year basis, inflation was up 10.43 percent on the back of alcohol and tobacco price increases. The Turkish Statistical Institute (TÜİ ...

The Turkish Central Bank yesterday updated its yearend inflation forecast for 2012 to approximately 6.5 percent from a previous prediction of 5.2 percent. “We predict that the inflation, with a 70 percent probability, will be between 5.1 and 7.9 percent, with a median of 6.5 percent at the end of 2012, and for the end of 2013 the inflation will be between 3.3 and 6.9 percent with a median of 5.1 percent,” C ...

$3 billion has entered into Turkey in 25 days, Deputy Prime Minister Ali Babacan has said yesterday, speaking in the town of Davos where capitalism is questioned this year. "We won't allow economy to fall into recession," Babacan said in a televised interview on the sidelines of the World Economic Forum, adding that Turkey sees no need to change its growth forecasts. "The net foreign currency totaling $5 bi ...

It is clearly understood from the messages delivered by Central Bank of Turkey that it will be essential to maintain the flexibility  in monetary policies as we are very likely due to face high level of uncertainties about the course of global economy in 2012, as well. Another important message is that CBRT is determined to enhance its communication strategy in order to increase the predictability by the ma ...

REVIEW CBRT announced the Monetary and Foreign Exchange Policy for 2012 on December 27th and gave significant messages regarding the policies to be implemented in the coming period. It was stated that the flexibility in monetary policy would be kept due to the high level of uncertainties about the course of global economy and the excess volatility in risk appetite. Besides, CBRT’s steps to enhance its commu ...

Central Bank Gov Başçı declares strong commitment to the lira, claiming the currency will be among those rising most this year. Turkey can attract foreign financing as investors are in search for safe havens, he says The Turkish Lira will be one of the currencies appreciating most in the world this year, according to Central Bank Gov. Erdem Başçı. “Those who invest in the lira will always gain in 2012. The ...

Just before we are about to finish a year full of problems and major challenges for the world, Turkey seems to have performed well up to expectations and is able to look at the coming year (2012) with much more self-confidence. In fact, it has been among few countries with top GPD growth in 2011 on top of its success in handling major political issues on the int'l arena. In the meantime, Central Bank govern ...