Markets Actual Q2 Q3 Q4 Q1 2020
Currency 6.05 6.1 6.25 6.4 6.55 6.87
Stock Market (points) 86796.06 93603 91828 90082 88364 85042
Government Bond 10y (%) 18.32 19.53 20.13 20.74 21.38 22.71
Overview Actual Q2 Q3 Q4 Q1 2020
GDP Growth Rate (%) -2.40 0.5 0.5 0.6 0.7 1
GDP Annual Growth Rate (%) -3.00 -1.1 -2 1 1.2 2
Unemployment Rate (%) 14.70 14.9 16.1 14 15.1 13.4
Inflation Rate (%) 19.50 17.5 16.8 15.1 12.2 8.6
Inflation Rate Mom (%) 1.69 0.5 0.4 0.4 0.4 0.5
Interest Rate (%) 24.00 24 21.5 19 17.5 15
Balance of Trade (USD Million) -2136.73 -1000 1100 -400 800 1000
Current Account (USD Million) -589.00 -2000 1900 -1020 -1850 -1200
Current Account to GDP (%) -3.50 -3 -3 -3 -3.4 -3.4
Government Debt to GDP (%) 28.30 34.2 34.2 34.2 36.6 36.6
Government Budget (% of GDP) -1.50 -1.8 -1.8 -1.8 -1.4 -1.4
Business Confidence (Index Points) 105.50 101 94 97 99 101
Manufacturing PMI 46.80 47.9 52.5 52 52.7 53.2
Consumer Confidence (Index Points) 63.50 59 57 65 69 75
Retail Sales MoM (%) 1.00 0.7 -0.6 0.6 0.5 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 Q2 Q3 Q4 Q1 2020
GDP Growth Rate (%) -2.40 0.5 0.5 0.6 0.7 1
GDP Annual Growth Rate (%) -3.00 -1.1 -2 1 1.2 2
GDP (USD Billion) 851.10 849 849 849 895 895
GDP Constant Prices (TRY THO) 450961520.00 426620765 448567920 455471135 456373058 464580558
Gross Fixed Capital Formation (TRY THO) 120801435.60 130026561 123416973 122009450 122251053 124449639
GDP per capita (USD) 14933.27 16100 16100 16100 16700 16700
GDP per capita PPP (USD) 25129.34 26400 26400 26400 27100 27100
GDP From Agriculture (TRY THO) 24788022.00 16742058 53746675 25035902 25085478 25536620
GDP From Construction (TRY THO) 30976895.40 32859090 33561806 31286664 31348618 31912398
GDP From Manufacturing (TRY THO) 73726975.30 72566020 67755101 74464245 74611699 75953530
GDP From Public Administration (TRY THO) 45002063.81 44633279 42185814 45452084 45542089 46361126
GDP From Services (TRY THO) 106768068.30 98579511 103040272 107835749 108049285 109992464
Labour Actual Q2 Q3 Q4 Q1 2020
Unemployment Rate (%) 14.70 14.9 16.1 14 15.1 13.4
Unemployed Persons (Thousand ) 4730.00 3320 3570 3840 3490 4010
Labor Force Participation Rate (%) 53.20 53.2 53.3 53.4 53.2 53.6
Long Term Unemployment Rate (%) 2.50 2.7 2.9 2.9 3 3.2
Youth Unemployment Rate (%) 26.70 24.5 22.6 25.1 25.5 24.9
Labour Costs (Index Points) 162.85 170 175 185 185 215
Minimum Wages (TRY/Month) 2558.40 2558 2558 2558 3020 3020
Wages in Manufacturing (Index Points) 167.74 185 189 195 195 215
Population (Million) 80.81 83.42 83.42 81.81 82.81 82.81
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
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 (%) 46.00 46.4 46.6 46.6 46.8 47
Prices Actual Q2 Q3 Q4 Q1 2020
Inflation Rate (%) 19.50 17.5 16.8 15.1 12.2 8.6
Inflation Rate Mom (%) 1.69 0.5 0.4 0.4 0.4 0.5
Consumer Price Index CPI (Index Points) 409.63 420 456 453 452 492
Core Consumer Prices (Index Points) 344.80 361 393 389 380 429
Core Inflation Rate (%) 16.30 17.5 16 14.5 11.8 10.5
Producer Prices (Index Points) 444.85 457 517 488 495 550
Producer Prices Change (%) 30.12 25.1 17.5 15.5 14.7 12.5
Food Inflation (%) 31.86 21 17.5 15.4 12.9 11.5
Cpi Housing Utilities (Index Points) 432.57 450 495 511 484 554
CPI Transportation (Index Points) 389.74 427 490 436 432 474
Money Actual Q2 Q3 Q4 Q1 2020
Interest Rate (%) 24.00 24 21.5 19 17.5 15
Interbank Rate (%) 26.13 25.63 25.63 25.63 24.13 24.13
Money Supply M1 (TRY Thousand) 567654053.50 615000000 645000000 671000000 671000000 816000000
Money Supply M2 (TRY Thousand) 2139582203.20 2151000000 2211000000 2270000000 2270000000 2637000000
Banks Balance Sheet (TRY Thousand) 3800152261.00 4871000000 5011000000 5251000000 5251000000 5509000000
Loans to Private Sector (TRY Thousand) 1285634717.00 1451000000 1486000000 1516000000 1516000000 1678000000
Deposit Interest Rate (%) 22.50 22.5 22.5 22.5 22.5 20
Private Debt to GDP (%) 170.20 179 179 179 182 182
Lending Rate (%) 25.50 25.5 25.5 25.5 24 24
Cash Reserve Ratio (%) 13.00 12 12 12 12 12
Central Bank Balance Sheet (TRY Thousand) 757449524.00 941000000 991000000 1157000000 1157000000 1457000000
Trade Actual Q2 Q3 Q4 Q1 2020
Balance of Trade (USD Million) -2136.73 -1000 1100 -400 800 1000
Current Account (USD Million) -589.00 -2000 1900 -1020 -1850 -1200
Current Account to GDP (%) -3.50 -3 -3 -3 -3.4 -3.4
Imports (USD Million) 17622.32 16500 14500 14600 17100 17400
Exports (USD Million) 15485.59 15500 15600 14200 17900 18400
External Debt (USD Million) 444878.00 460000 465000 475000 481000 485000
Foreign Direct Investment (USD Million) 13200.00 14000 14000 14000 15100 15100
Tourism Revenues (USD Million) 1685.00 8200 14600 10150 4950 10600
Tourist Arrivals 2232358.00 4752000 4264000 1920000 2360000 2010000
Crude Oil Production (BBL/D/1K) 54.00 50 50 50 50 50
Government Actual Q2 Q3 Q4 Q1 2020
Government Debt to GDP (%) 28.30 34.2 34.2 34.2 36.6 36.6
Government Budget (% of GDP) -1.50 -1.8 -1.8 -1.8 -1.4 -1.4
Government Spending (TRY THO) 69495065.30 58497014 57037776 70190016 70329006 71593816
Government Debt (TRY Million) 1162437.00 1150000 1370000 1450000 1520000 1710000
Taxes Actual Q2 Q3 Q4 Q1 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 Q2 Q3 Q4 Q1 2020
Business Confidence (Index Points) 105.50 101 94 97 99 101
Manufacturing PMI 46.80 47.9 52.5 52 52.7 53.2
Industrial Production (%) -2.20 0.5 2.2 2.9 2.7 2.8
Industrial Production Mom (%) 2.10 -0.4 0.5 0.6 0.6 0.5
Manufacturing Production (%) -2.60 0.6 1.8 2.5 2.6 2.7
Changes in Inventories (TRY THO) -40444799.00 -3200000 14200000 -1620000 -1620000 -1560000
Bankruptcies (Companies) 693.00 850 1000 2250 1050 2050
Total Vehicle Sales 30971.00 46600 69930 75000 68500 79000
Car Production (Units) 127913.00 127900 128200 119700 145900 125400
Car Registrations 58708.00 60800 75980 51000 87500 59000
Leading Economic Index (%) 0.36 1.1 1.2 1 1.2 2
Steel Production (Thousand Tonnes) 2985.82 2800 2800 2600 2600 2730
Mining Production (%) 2.20 -2 0.1 0.7 1.5 2
Electricity Production (Gigawatt-hour) 24637.00 22900 24400 24200 24200 24700
Consumer Actual Q2 Q3 Q4 Q1 2020
Consumer Confidence (Index Points) 63.50 59 57 65 69 75
Retail Sales MoM (%) 1.00 0.7 -0.6 0.6 0.5 0.4
Retail Sales YoY (%) -3.80 1.5 2.2 2.5 2.3 2.7
Consumer Spending (TRY THO) 257299893.30 259309531 264320131 259872892 260387492 265070350
Consumer Credit (TRY THO) 521473235.00 517765115 517926443 520772874 525351149 531188332
Private Sector Credit (TRY Thousand) 1978581988.00 1993000000 2005000000 2024000000 2024000000 2081000000
Economic Optimism Index (Index points) 84.70 81.6 85.5 89.4 95.1 100
Households Debt To GDP (% of GDP) 15.60 22 22 22 25 25
Gasoline Prices (USD/Liter) 1.20 1.23 1.2 1.17 1.14 1.14
Housing Actual Q2 Q3 Q4 Q1 2020
Housing Index (Index points) 109.30 255 250 245 250 265
New Home Sales (Units) 32648.00 54600 65100 60000 45800 61400
Building Permits 74867.00 65100 58400 70000 45200 75000
Existing Home Sales (Units) 45802.00 60700 71400 62300 56500 69500
Housing Starts (units) 8334.00 8500 7300 8300 6200 9600
Home Ownership Rate (%) 59.70 60.5 60.5 60.5 60 60


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.