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 1, 2022
The ICI Manufacturing Purchasing Managers' Index (PMI) ticked up to 47.4 in August from 46.9 in July.
August 31, 2022
The Turkish economy expanded 7.6% year on year in the second quarter.
August 26, 2022
Consumer confidence rose to 72.2 in August, up from July's 68.0.
August 26, 2022
Business confidence fell to 102.1 in August from July's 103.7.
August 18, 2022
The Central Bank of the Republic of Turkey (TCMB) delivered a shock rate cut at its 18 August meeting.