Markets Actual Q1 Q2 Q3 Q4 2020
Currency 5.32 5.49 5.61 5.73 5.86 6.12
Stock Market (points) 97955.16 88052 86456 84896 83353 80361
Government Bond 10y (%) 15.36 16.52 16.98 17.46 17.95 18.97
Overview Actual Q1 Q2 Q3 Q4 2020
GDP Growth Rate (%) -1.10 0.7 0.5 0.5 0.6 1
GDP Annual Growth Rate (%) 1.60 1.1 1.5 1.2 1.4 3.6
Unemployment Rate (%) 11.60 11.7 11.9 12.1 12.5 11.9
Inflation Rate (%) 20.30 19.1 17.5 16.8 15.1 9.5
Inflation Rate Mom (%) -0.40 0.5 0.5 0.4 0.4 0.5
Interest Rate (%) 24.00 24 22.5 17.75 16.75 12.75
Balance of Trade (USD Million) -651.36 -4600 -1000 -900 -5400 -4000
Current Account (USD Million) 986.00 -1500 -2000 -2900 -2100 -3200
Current Account to GDP (%) -5.50 -1.8 -1.8 -1.8 -1.8 -2.8
Government Debt to GDP (%) 28.30 34.2 34.2 34.2 34.2 36.6
Government Budget (% of GDP) -1.50 -1.8 -1.8 -1.8 -1.8 -1.4
Business Confidence (Index Points) 91.50 99.1 102 105 106 101
Manufacturing PMI 44.20 49.5 51.9 52.5 53.7 53.2
Consumer Confidence (Index Points) 58.20 65.1 67.6 69.5 75.4 82.5
Retail Sales MoM (%) 0.10 -0.3 0.7 -0.6 0.6 0.4
Corporate Tax Rate (%) 22.00 22 22 22 22 22
Personal Income Tax Rate (%) 35.00 35 35 35 35 35
GDP Actual Q1 Q2 Q3 Q4 2020
GDP Growth Rate (%) -1.10 0.7 0.5 0.5 0.6 1
GDP Annual Growth Rate (%) 1.60 1.1 1.5 1.2 1.4 3.6
GDP (USD Billion) 851.10 849 849 849 849 895
GDP Constant Prices (TRY THO) 457722367.40 399508286 437836275 462986175 464130481 480839178
Gross Fixed Capital Formation (TRY THO) 125935686.70 115964353 133444853 127383947 127698786 132295943
GDP per capita (USD) 14933.27 16100 16100 16100 16100 16700
GDP per capita PPP (USD) 25129.34 26400 26400 26400 26400 27100
GDP From Agriculture (TRY THO) 54843545.90 10373615 17182193 55474247 55611356 57613364
GDP From Construction (TRY THO) 34246741.00 27181345 33722928 34657702 34726195 35976338
GDP From Manufacturing (TRY THO) 69137857.90 71374277 74473721 69932943 70105788 72629596
GDP From Public Administration (TRY THO) 43046748.90 42698141 45806651 43563310 43649403 45220782
GDP From Services (TRY THO) 105143134.20 93240891 101171086 106352280 106615138 110453283
Labour Actual Q1 Q2 Q3 Q4 2020
Unemployment Rate (%) 11.60 11.7 11.9 12.1 12.5 11.9
Employed Persons (Thousand ) 28870.00 28200 28600 27900 28100 30700
Unemployed Persons (Thousand ) 3788.00 3430 3320 3570 3840 4010
Labor Force Participation Rate (%) 53.60 53.6 53.8 53.8 54.2 54.9
Long Term Unemployment Rate (%) 2.30 2.4 2.5 2.5 2.6 2.8
Youth Unemployment Rate (%) 22.30 21.4 21.6 21.8 22.3 21.9
Labour Costs (Index Points) 166.66 165 170 175 185 215
Wages (TRY/Month) 2207.00 3000 3000 3000 3000 3200
Wages in Manufacturing (Index Points) 166.50 180 185 189 195 215
Minimum Wages (TRY/Month) 2558.40 2558 2558 2558 2558 3020
Population (Million) 80.81 83.42 83.42 83.42 83.42 84.34
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 1550 1550 1550 1550 1600
Wages High Skilled (TRY/Month) 2830.00 3100 3100 3100 3100 3200
Part Time Employment (Thousand) 2946.30 2800 2500 2300 2800 3200
Living Wage Family (TRY/Month) 3190.00 2950 2950 2950 2950 3100
Living Wage Individual (TRY/Month) 1930.00 1800 1800 1800 1800 1850
Employment Rate (%) 47.40 47.8 48 48 49.1 50.5
Full Time Employment (Thousand) 25328.80 23900 24100 25600 25900 27600
Prices Actual Q1 Q2 Q3 Q4 2020
Inflation Rate (%) 20.30 19.1 17.5 16.8 15.1 9.5
Inflation Rate Mom (%) -0.40 0.5 0.5 0.4 0.4 0.5
Consumer Price Index CPI (Index Points) 393.88 401 420 456 455 498
Core Consumer Prices (Index Points) 339.34 341 361 393 390 431
Core Inflation Rate (%) 19.53 18.1 17.5 16 14.5 10.5
GDP Deflator (Index Points) 183.20 188 194 199 206 225
Producer Prices (Index Points) 422.94 354 436 517 360 380
Producer Prices Change (%) 33.64 24.5 19.2 17.5 15.5 9.5
Export Prices (Index Points) 92.51 95 96 97 100 102
Import Prices (Index Points) 92.72 98 101 102 102 107
Food Inflation (%) 25.11 19.5 17.5 16.4 15.4 11.5
Cpi Housing Utilities (Index Points) 443.54 441 450 495 511 559
CPI Transportation (Index Points) 378.82 398 427 490 448 490
Harmonised Consumer Prices (Index Points) 150.96 154 161 175 177 194
Money Actual Q1 Q2 Q3 Q4 2020
Interest Rate (%) 24.00 24 22.5 17.75 16.75 12.75
Interbank Rate (%) 24.04 22.04 20.04 17.79 16.79 16.79
Money Supply M1 (TRY Thousand) 512512512.10 584000000 615000000 645000000 671000000 816000000
Money Supply M2 (TRY Thousand) 1940577977.60 2091000000 2151000000 2211000000 2270000000 2637000000
Money Supply M3 (TRY Thousand) 1988293249.70 2109000000 2179000000 2251000000 2324000000 2673000000
Banks Balance Sheet (TRY Thousand) 4098487430.00 4451000000 4871000000 5011000000 5251000000 5509000000
Loans to Private Sector (TRY Thousand) 1227628812.00 1433000000 1451000000 1486000000 1516000000 1678000000
Deposit Interest Rate (%) 22.50 22.5 22.5 22.5 22.5 19.75
Private Debt to GDP (%) 170.80 179 179 179 179 182
Lending Rate (%) 25.50 25.5 25.5 25.5 25.5 22.75
Cash Reserve Ratio (%) 12.00 12 12 12 12 12
Central Bank Balance Sheet (TRY Thousand) 713561797.00 898000000 941000000 991000000 1157000000 1457000000
Trade Actual Q1 Q2 Q3 Q4 2020
Balance of Trade (USD Million) -651.36 -4600 -1000 -900 -5400 -4000
Current Account (USD Million) 986.00 -1500 -2000 -2900 -2100 -3200
Current Account to GDP (%) -5.50 -1.8 -1.8 -1.8 -1.8 -2.8
Imports (USD Million) 16180.25 17800 16500 18500 23600 24400
Exports (USD Million) 15528.90 17200 15500 17600 18200 20400
External Debt (USD Million) 448452.00 505000 522000 544000 551000 591000
Terms of Trade (Index Points) 99.77 96.94 95.05 95.1 98.04 95.33
Capital Flows (USD Million) -1980.00 -3450 2980 3240 3690 4740
Foreign Direct Investment (USD Million) 10900.00 10000 10000 10000 10000 11500
Remittances (USD Million) 40.00 51 51 51 51 65
Tourism Revenues (USD Million) 3686.00 4750 8150 14550 10150 10600
Tourist Arrivals 1966277.00 2290000 4752000 4264000 1920000 2010000
Crude Oil Production (BBL/D/1K) 57.00 50 50 50 50 50
Government Actual Q1 Q2 Q3 Q4 2020
Government Debt to GDP (%) 28.30 34.2 34.2 34.2 34.2 36.6
Government Budget (% of GDP) -1.50 -1.8 -1.8 -1.8 -1.8 -1.4
Government Budget Value (TRY Thousand) 5198837.00 -16700000 -13500000 -9900000 -29500000 -29700000
Government Spending (TRY THO) 58201812.20 54684772 60034852 58900234 59016638 61141237
Government Revenues (TRY Thousand) 78737562.00 40700000 43700000 39200000 55900000 56800000
Government Debt (TRY Million) 1066800.00 1190000 1150000 1370000 1450000 1710000
Fiscal Expenditure (TRY Thousand) 73538725.00 57400000 57200000 49100000 85400000 86500000
Asylum Applications (Persons) 7086.00 9100 5100 11500 7460 6450
Taxes Actual Q1 Q2 Q3 Q4 2020
Corporate Tax Rate (%) 22.00 22 22 22 22 22
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 (Index Points) 91.50 99.1 102 105 106 101
Manufacturing PMI 44.20 49.5 51.9 52.5 53.7 53.2
Industrial Production (%) -6.50 0.8 2.5 3.2 2.9 2.5
Industrial Production Mom (%) -0.30 0.5 -0.4 0.5 0.6 0.5
Manufacturing Production (%) -7.10 1 2.5 3.6 2.5 2
Capacity Utilization (%) 74.10 74.4 72.5 72.9 74 75
Changes in Inventories (TRY THO) -3640862.40 -3200000 -3200000 14200000 -1620000 -1560000
Bankruptcies (Companies) 2186.00 950 850 1000 2250 2050
Total Vehicle Sales 77706.00 70500 46600 69930 115000 119000
Car Production (Units) 122993.00 150500 127900 128200 132700 145400
Car Registrations 66578.00 91900 60800 75980 96000 100000
Leading Economic Index (%) -0.29 2.2 2.2 2.4 2.7 3
Steel Production (Thousand Tonnes) 3140.80 3000 2800 2800 2600 2730
Mining Production (%) -1.10 3.2 3 2.7 2.4 2
Electricity Production (Gigawatt-hour) 23932.00 23800 22900 24400 24200 24700
Consumer Actual Q1 Q2 Q3 Q4 2020
Consumer Confidence (Index Points) 58.20 65.1 67.6 69.5 75.4 82.5
Retail Sales MoM (%) 0.10 -0.3 0.7 -0.6 0.6 0.4
Retail Sales YoY (%) -6.30 0.5 1.5 3.4 3.2 2.7
Consumer Spending (TRY THO) 269714419.80 251497980 266126567 272816136 273490422 283336077
Consumer Credit (TRY THO) 515616707.00 568000000 575000000 586000000 602000000 651000000
Private Sector Credit (TRY Thousand) 1900527886.00 1982000000 1993000000 2005000000 2024000000 2081000000
Economic Optimism Index (Index points) 75.20 84.1 87.6 91.5 99.4 100
Households Debt To GDP (% of GDP) 16.40 22 22 22 22 25
Gasoline Prices (USD/Liter) 1.13 1.06 1.04 1.02 0.99 0.99
Housing Actual Q1 Q2 Q3 Q4 2020
Housing Index (Index points) 275.50 239 235 250 245 280
New Home Sales (units) 60219.00 47900 54600 65100 60000 61400
Building Permits 40197.00 45500 65100 58400 70000 78000
Existing Home Sales (units) 67108.00 58200 60700 71400 62300 69500
Housing Starts (units) 5598.00 6700 8500 7300 8300 9600
Home Ownership Rate (%) 60.40 61.5 61.5 61.5 61.5 61.7


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.