Markets Actual Q1 Q2 Q3 Q4 2020
Currency 5.94 6.03 6.1 6.18 6.25 6.41
Stock Market (points) 122141.75 110744 108828 106946 105098 101493
Government Bond 10y (%) 10.13 12.34 12.66 12.99 13.34 14.05
Overview Actual Q1 Q2 Q3 Q4 2020
GDP Growth Rate (%) 0.40 0.7 1 0.9 1 1.4
GDP Annual Growth Rate (%) 0.90 5.1 4.6 3.8 4.2 4.2
Unemployment Rate (%) 13.40 14.7 13.4 14 14 13.4
Inflation Rate (%) 11.84 10.1 8.9 9.1 8.6 5.7
Inflation Rate Mom (%) 0.74 0.5 0.6 0.8 0.5 0.5
Interest Rate (%) 11.25 11 11 10.75 10.75 10
Balance of Trade (USD Million) -2234.00 800 -1700 -700 -1000 -900
Current Account (USD Million) -518.00 -1200 -1400 2100 -1200 -2200
Current Account to GDP (%) -3.50 -3.4 -3.4 -3.4 -3.4 -3.6
Government Debt to GDP (%) 30.40 36.6 36.6 36.6 36.6 40
Government Budget (% of GDP) -2.00 -2.3 -2.3 -2.3 -2.3 -2.1
Business Confidence (points) 103.60 99 100 102 101 104
Manufacturing PMI (points) 49.50 50.7 53.2 52 53.2 53.4
Consumer Confidence (points) 58.80 59 62 64 68 75
Retail Sales MoM (%) 1.70 0.5 0.6 -0.4 0.4 0.4
Corporate Tax Rate (%) 22.00 22 22 22 22 20
Personal Income Tax Rate (%) 35.00 35 35 35 35 35
GDP Actual Q1 Q2 Q3 Q4 2020
GDP Growth Rate (%) 0.40 0.7 1 0.9 1 1.4
GDP Annual Growth Rate (%) 0.90 5.1 4.6 3.8 4.2 4.2
GDP (USD Billion) 766.51 780 780 780 780 795
GDP Constant Prices (TRY THO) 466070131.90 406375922 445597856 483547762 485645077 506042171
Gross Fixed Capital Formation (TRY THO) 110095414.70 108861343 109561651 114223993 114719422 119537638
GDP per capita (USD) 15026.70 15900 15900 15900 15900 16300
GDP per capita PPP (USD) 25286.60 26100 26100 26100 26100 27400
GDP From Agriculture (TRY THO) 57743283.00 11349524 18806533 59908656 60168501 62695578
GDP From Construction (TRY THO) 31270055.70 25957260 30734761 32442683 32583398 33951901
GDP From Manufacturing (TRY THO) 70808122.80 70393932 74183700 73463427 73782064 76880911
GDP From Public Administration (TRY THO) 46475880.64 48436338 48847722 48218726 48427868 50461838
GDP From Services (TRY THO) 106301989.30 93666210 104337120 110288314 110766673 115418873
Labour Actual Q1 Q2 Q3 Q4 2020
Unemployment Rate (%) 13.40 14.7 13.4 14 14 13.4
Employed Persons (Thousand ) 28343.00 28600 28600 28600 30700 31600
Unemployed Persons (Thousand ) 4396.00 3490 3490 3490 4010 4150
Labor Force Participation Rate (%) 52.90 53.2 53.4 53.5 53.6 53.8
Long Term Unemployment Rate (%) 3.40 2.8 3 3.2 3.2 3.2
Youth Unemployment Rate (%) 25.30 25.9 26.1 26.3 26.3 26.3
Labour Costs (points) 204.20 209 211 213 215 220
Minimum Wages (TRY/Month) 2943.00 2943 2943 2943 2943 3280
Wages in Manufacturing (points) 200.60 211 215 219 222 229
Population (Million) 82.00 82.68 82.68 82.68 84.38 85.57
Retirement Age Women 58.00 58 58 58 58 58
Retirement Age Men 60.00 60 60 60 60 60
Wages Low Skilled (TRY/Month) 1380.00 1600 1600 1600 1600 1600
Wages High Skilled (TRY/Month) 2830.00 3200 3200 3200 3200 3200
Part Time Employment (Thousand) 2407.60 2900 2900 2900 3200 3400
Living Wage Family (TRY/Month) 3190.00 3100 3100 3100 3100 3200
Living Wage Individual (TRY/Month) 1930.00 1850 1850 1850 1850 1850
Employment Rate (%) 45.70 46.8 46.5 46.7 47 49.5
Full Time Employment (Thousand) 25244.20 26400 26400 26400 27600 28700
Prices Actual Q1 Q2 Q3 Q4 2020
Inflation Rate (%) 11.84 10.1 8.9 9.1 8.6 5.7
Inflation Rate Mom (%) 0.74 0.5 0.6 0.8 0.5 0.5
Consumer Price Index CPI (points) 440.50 443 450 466 475 502
Core Consumer Prices (points) 372.63 368 378 392 396 418
Core Inflation Rate (%) 9.81 8.5 7.1 7.6 6.4 5.5
Producer Prices (points) 454.08 476 501 489 550 602
Producer Prices Change (%) 7.36 9.2 9.6 8.5 8.1 6.9
Export Prices (points) 90.64 95 95 95 98 101
Import Prices (points) 86.68 98 98 98 104 104
Food Inflation (%) 10.89 11.5 9.5 8.9 8.4 7.5
Cpi Housing Utilities (points) 487.44 474 474 510 528 558
CPI Transportation (points) 425.08 424 436 454 459 485
Harmonised Consumer Prices (points) 168.83 170 173 178 182 192
Money Actual Q1 Q2 Q3 Q4 2020
Interest Rate (%) 11.25 11 11 10.75 10.75 10
Interbank Rate (%) 9.99 10.76 10.76 10.76 10.76 10.26
Money Supply M1 (TRY Thousand) 712810443.70 698000000 715000000 751000000 816000000 842000000
Money Supply M2 (TRY Thousand) 2457520373.10 2450000000 2510000000 2590000000 2677000000 2847000000
Banks Balance Sheet (TRY Thousand) 4308766747.00 5151000000 5482000000 5482000000 5509000000 5949000000
Loans to Private Sector (TRY Thousand) 1271016681.00 1318456971 1315519675 1285889640 1319127215 1374530558
Deposit Interest Rate (%) 9.75 9.75 9.75 9.75 9.75 9.25
Private Debt to GDP (%) 170.00 182 182 182 182 180
Lending Rate (%) 12.75 12.75 12.75 12.75 12.75 12.25
Cash Reserve Ratio (%) 16.00 16 16 16 16 16
Central Bank Balance Sheet (TRY Thousand) 779239847.00 895000000 1050000000 1150000000 1225000000 1225000000
Trade Actual Q1 Q2 Q3 Q4 2020
Balance of Trade (USD Million) -2234.00 800 -1700 -700 -1000 -900
Current Account (USD Million) -518.00 -1200 -1400 2100 -1200 -2200
Current Account to GDP (%) -3.50 -3.4 -3.4 -3.4 -3.4 -3.6
Imports (USD Million) 17736.75 17100 15900 17100 17400 18100
Exports (USD Million) 15502.75 17900 14200 16400 16400 17200
External Debt (USD Million) 433889.00 440000 445000 451000 465000 470000
Terms of Trade (points) 104.56 96.94 96.94 96.94 94.23 94.39
Capital Flows (USD Million) 2371.00 -1250 -1250 -2000 4740 4850
Foreign Direct Investment (USD Million) 13200.00 15100 15100 15100 15100 15900
Remittances (USD Million) 13.00 65 65 65 65 65
Tourism Revenues (USD Million) 4402.00 4950 8900 15100 10600 11100
Tourist Arrivals 2190622.00 2360000 4862000 4322000 2010000 2110000
Crude Oil Production (BBL/D/1K) 60.00 60 60 60 60 60
Government Actual Q1 Q2 Q3 Q4 2020
Government Debt to GDP (%) 30.40 36.6 36.6 36.6 36.6 40
Government Budget (% of GDP) -2.00 -2.3 -2.3 -2.3 -2.3 -2.1
Government Budget Value (TRY Thousand) -36067505.00 -16700000 -16700000 -16700000 -30700000 -32000000
Government Spending (TRY THO) 62035475.80 61238190 64864937 64361806 64640966 67355886
Government Revenues (TRY Thousand) 70797670.00 41400000 41400000 41400000 56800000 57500000
Government Debt (TRY Million) 1328752.00 1520000 1580000 1640000 1710000 1770000
Fiscal Expenditure (TRY Thousand) 106865175.00 58100000 58100000 58100000 87500000 89500000
Taxes Actual Q1 Q2 Q3 Q4 2020
Corporate Tax Rate (%) 22.00 22 22 22 22 20
Personal Income Tax Rate (%) 35.00 35 35 35 35 35
Sales Tax Rate (%) 18.00 18 18 18 18 18
Social Security Rate (%) 37.50 37.5 37.5 37.5 37.5 37.5
Social Security Rate For Companies (%) 22.50 22.5 22.5 22.5 22.5 22.5
Social Security Rate For Employees (%) 15.00 15 15 15 15 15
Business Actual Q1 Q2 Q3 Q4 2020
Business Confidence (points) 103.60 99 100 102 101 104
Manufacturing PMI (points) 49.50 50.7 53.2 52 53.2 53.4
Industrial Production (%) 5.10 2.7 2.8 3.2 2.8 3.4
Industrial Production Mom (%) 0.70 0.6 0.5 -0.6 0.5 0.7
Manufacturing Production (%) 5.30 2.6 3 2.6 2.7 3
Capacity Utilization (%) 77.00 76.5 76.9 76.8 76.9 77.4
Bankruptcies (Companies) 2290.00 1050 920 1250 2050 2520
Total Vehicle Sales 90500.00 45500 46800 24200 69000 75000
Car Production (Units) 135775.00 125900 108100 132200 125400 136400
Car Registrations 67126.00 52500 34900 38700 51000 59000
Leading Economic Index (%) 3.63 1.2 1.5 1.4 2 2.7
Steel Production (Thousand Tonnes) 2884.71 2600 2850 2850 2730 2730
Mining Production (%) 7.20 2.2 1.4 2.5 2 2.5
Electricity Production (Gigawatt-hour) 23633.00 24200 23000 23000 24700 24700
Consumer Actual Q1 Q2 Q3 Q4 2020
Consumer Confidence (points) 58.80 59 62 64 68 75
Retail Sales MoM (%) 1.70 0.5 0.6 -0.4 0.4 0.4
Retail Sales YoY (%) 8.50 2.5 2.8 2.3 2.7 3.2
Consumer Spending (TRY THO) 273319794.80 241961807 263072393 283569287 284799226 296760794
Consumer Credit (TRY THO) 588691405.00 545337334 550353551 573903631 608316258 633865541
Private Sector Credit (TRY Thousand) 2025774064.00 2029095186 2030145411 2021135236 2085339380 2172923633
Economic Optimism Index (points) 93.80 95 91 94 98 101
Households Debt To GDP (% of GDP) 13.90 25 25 25 25 29
Gasoline Prices (USD/Liter) 1.20 1.32 1.35 1.38 1.42 1.42
Housing Actual Q1 Q2 Q3 Q4 2020
Housing Index (points) 117.10 117 119 119 122 126
New Home Sales (Units) 75480.00 45800 54200 51900 61400 62500
Building Permits 19172.00 28900 10200 32400 75000 75000
Existing Home Sales (Units) 126594.00 56500 59800 61900 69500 71500
Housing Starts (units) 2965.00 3800 2100 2700 7900 9500
Home Ownership Rate (%) 59.10 60 60 60 60 59.5


This page has economic forecasts for Turkey including a long-term outlook for the next decades, plus medium-term expectations for the next four quarters and short-term market predictions for the next release affecting the Turkey economy.