Markets Actual Q1 Q2 Q3 Q4 2023
Currency 13.45 13.91 14.31 14.72 15.15 16.04
Stock Market (points) 2085.76 1982 1895 1812 1732 1583
Government Bond 10y (%) 23.24 23.16 23.8 24.45 25.12 26.53

Overview Actual Q1 Q2 Q3 Q4 2023
GDP Growth Rate (%) 2.70 0.7 1.1 0.8 0.7 0.9
GDP Annual Growth Rate (%) 7.40 6.8 3.9 4.5 4.4 4.4
Unemployment Rate (%) 11.20 12.4 12 11.8 11.6 11.1
Inflation Rate (%) 36.08 45 42 38 36 21.5
Inflation Rate Mom (%) 13.58 2.5 1.1 0.9 0.5 0.5
Interest Rate (%) 14.00 14 14 13.5 12.5 12.5
Balance of Trade (USD Million) -5402.27 -4200 -5300 -4200 -4860 -2600
Current Account (USD Million) -2681.00 -2800 -3200 -2890 -2480 -3200
Current Account to GDP (% of GDP) -5.10 -2.2 -2.2 -2.2 -2.2 -3
Government Debt to GDP (% of GDP) 39.50 45 45 45 45 43
Government Budget (% of GDP) -3.40 -4.4 -4.4 -4.4 -4.4 -3
Business Confidence (points) 106.10 106 107 108 110 106
Manufacturing PMI (points) 52.10 53.6 54.1 54.6 54 54
Consumer Confidence (points) 68.90 83 85 87 89 95
Retail Sales MoM (%) 1.30 0.9 1 -0.8 0.7 0.7
Corporate Tax Rate (%) 25.00 23 23 23 23 23
Personal Income Tax Rate (%) 40.00 40 40 40 40 40

GDP Actual Q1 Q2 Q3 Q4 2023
GDP Growth Rate (%) 2.70 0.7 1.1 0.8 0.7 0.9
GDP Annual Growth Rate (%) 7.40 6.8 3.9 4.5 4.4 4.4
GDP (USD Billion) 720.10 810 810 810 810 890
GDP Constant Prices (TRY THO) 537143397.20 548703631 464822249 486907550 561314850 572846591
Gross Fixed Capital Formation (TRY THO) 129692720.40 145332262 121051534 127023810 135528893 151726882
GDP per capita (USD) 12035.03 15600 15600 15600 15600 16500
GDP per capita PPP (USD) 28384.99 28600 28600 28600 28600 29200
GDP From Agriculture (TRY THO) 57978792.00 28925678 12996658 20012644 60587838 30198408
GDP From Construction (TRY THO) 29777364.10 26879169 26092139 30104419 31117345 28061853
GDP From Manufacturing (TRY THO) 83646602.70 92358916 85419405 85471598 87410700 96422708
GDP From Public Administration (TRY THO) 51564057.21 54914657 53778417 51523229 53884440 57330902
GDP From Services (TRY THO) 129515181.10 112962260 104268040 113636369 114292595 133881074

Labour Actual Q1 Q2 Q3 Q4 2023
Unemployment Rate (%) 11.20 12.4 12 11.8 11.6 11.1
Employed Persons (Thousand ) 29855.00 29000 29200 29450 29100 29800
Unemployed Persons (Thousand ) 3777.00 3820 4090 4120 4080 3850
Labor Force Participation Rate (%) 52.50 51.5 51.7 51.8 52 52.6
Long Term Unemployment Rate (%) 3.50 2.9 2.9 2.8 2.8 2.5
Youth Unemployment Rate (%) 22.30 23.5 23.1 22.9 22.7 22.7
Labour Costs (points) 289.59 287 291 295 302 330
Wages (TRY/Month) 3960.00 5600 5600 5600 5600 6300
Wages in Manufacturing (points) 324.26 342 366 377 384 398
Minimum Wages (TRY/Month) 5008.50 4250 4250 4250 4250 4890
Population (Million) 83.61 84.75 84.75 84.75 84.75 85.88
Retirement Age Women 58.00 58 58 58 58 58
Retirement Age Men 60.00 60 60 60 60 60
Employment Rate (%) 46.60 45.4 45.5 45.6 45.7 45.8

Prices Actual Q1 Q2 Q3 Q4 2023
Inflation Rate (%) 36.08 45 42 38 36 21.5
Inflation Rate Mom (%) 13.58 2.5 1.1 0.9 0.5 0.5
Consumer Price Index CPI (points) 686.95 759 777 788 934 1135
Core Consumer Prices (points) 561.77 596 610 612 702 790
Core Inflation Rate (%) 31.88 36 32 29 25 12.5
Producer Prices (points) 1022.25 1165 1214 1169 1482 1853
Producer Prices Change (%) 79.89 89.5 75 57.6 45 25
Food Inflation (%) 43.80 55.6 51.2 49.5 42 25
Producer Price Inflation MoM (%) 19.08 6.5 2.9 2.2 1.5 0.5
Harmonised Consumer Prices (points) 231.83 291 298 302 315 383
CPI Housing Utilities (points) 686.80 808 815 859 934 1135
CPI Transportation (points) 791.13 811 820 827 831 836

Money Actual Q1 Q2 Q3 Q4 2023
Interest Rate (%) 14.00 14 14 13.5 12.5 12.5
Interbank Rate (%) 15.63 15.63 15.63 15.13 14.13 14.13
Money Supply M1 (TRY Thousand) 1930287943.40 1659000000 1678000000 1742000000 1915000000 2015000000
Money Supply M2 (TRY Thousand) 4694211915.20 4302000000 4437000000 4574000000 4547000000 4557000000
Banks Balance Sheet (TRY Thousand) 6773944233.00 6819000000 6862000000 6913000000 6949000000 7229000000
Loans to Private Sector (TRY Thousand) 2359983738.00 1938215631 1938842269 2005374047 2463823022 2572231235
Deposit Interest Rate (%) 12.50 12.5 12.5 12 11 11
Cash Reserve Ratio (%) 23.00 23 23 21 21 19
Central Bank Balance Sheet (TRY Thousand) 2537679003.00 1854000000 1825000000 1889000000 1957000000 2157000000
Private Debt to GDP (%) 173.00 175 175 175 175 171
Lending Rate (%) 15.50 15.5 15.5 15 14 14

Trade Actual Q1 Q2 Q3 Q4 2023
Balance of Trade (USD Million) -5402.27 -4200 -5300 -4200 -4860 -2600
Current Account (USD Million) -2681.00 -2800 -3200 -2890 -2480 -3200
Current Account to GDP (% of GDP) -5.10 -2.2 -2.2 -2.2 -2.2 -3
Imports (USD Million) 26908.47 23600 23700 22460 21400 23100
Exports (USD Million) 21506.20 18300 19500 17600 18800 19600
External Debt (USD Million) 453463.00 488000 494000 501200 515000 525000
Capital Flows (USD Million) 1777.00 -1200 -1000 1980 4450 5540
Foreign Direct Investment (USD Million) 405.00 850 710 810 750 880
Tourism Revenues (USD Million) 11395.00 4250 6600 5890 5650 6200
Tourist Arrivals (Persons) 1763982.00 2110000 2090000 2980000 2110000 2450000
Crude Oil Production (BBL/D/1K) 67.00 65 69 72 75 75

Government Actual Q1 Q2 Q3 Q4 2023
Government Debt to GDP (% of GDP) 39.50 45 45 45 45 43
Government Budget (% of GDP) -3.40 -4.4 -4.4 -4.4 -4.4 -3
Government Budget Value (TRY Billion) -145.74 -37 -16 -22 -31 -21
Government Spending (TRY THO) 68816970.70 61200000 74000000 66280511 77500000 75100000
Government Revenues (TRY Billion) 135.07 57 79 94 85 96
Government Debt (TRY Million) 2707800.00 2090000 2110000 2100000 2140000 2190000
Fiscal Expenditure (TRY Billion) 280.81 94 95 116 116 117

Taxes Actual Q1 Q2 Q3 Q4 2023
Corporate Tax Rate (%) 25.00 23 23 23 23 23
Personal Income Tax Rate (%) 40.00 40 40 40 40 40
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 2023
Business Confidence (points) 106.10 106 107 108 110 106
Manufacturing PMI (points) 52.10 53.6 54.1 54.6 54 54
Industrial Production (%) 11.40 3.8 4.4 4 3.6 3.2
Industrial Production Mom (%) 3.30 0.9 1.2 -0.7 0.8 0.8
Manufacturing Production (%) 12.50 4.4 5.4 4.7 3.8 3.8
Capacity Utilization (%) 78.70 77.2 77.4 77.6 77.5 78
Bankruptcies (Companies) 1661.00 1640 1650 2400 1400 1150
Total Vehicle Sales (Units) 62243.00 62000 75600 97600 102000 108000
Car Production (Units) 131557.00 102000 115900 157900 165500 174500
Car Registrations 88743.00 76000 85900 117500 87000 98000
Leading Economic Index (%) 6.37 4.4 5.2 4.6 3.8 3.8
Mining Production (%) 7.50 3.6 4 3.6 3 3

Consumer Actual Q1 Q2 Q3 Q4 2023
Consumer Confidence (points) 68.90 83 85 87 89 95
Retail Sales MoM (%) 1.30 0.9 1 -0.8 0.7 0.7
Retail Sales YoY (%) 16.30 5.2 4.6 2 1.8 3.8
Consumer Spending (TRY THO) 324116167.30 320082142 277025679 292907276 338701395 334165756
Consumer Credit (TRY THO) 1030864733.00 916195741 934753300 999995133 1076222781 1123576584
Private Sector Credit (TRY Thousand) 3629761752.00 3134944897 3145072220 3277756941 3789471269 3956208005
Gasoline Prices (USD/Liter) 0.90 0.86 0.81 0.77 0.73 0.7
Economic Optimism Index (points) 97.60 104 106 107 105 102
Households Debt To GDP (% of GDP) 15.90 29 29 29 29 32

Housing Actual Q1 Q2 Q3 Q4 2023
Housing Index (points) 209.90 208 216 220 226 245
Building Permits 53198.00 35000 72500 55900 98000 111000
Existing Home Sales (Units) 95487.00 98900 146000 120500 145500 168500
Home Ownership Rate (%) 58.80 59 59 59 59 58.6
New Home Sales (Units) 42639.00 42200 65100 52600 109500 109500
Housing Starts (units) 9689.00 12200 9600 10500 17700 19500


Trading Economics provides data for 20 million economic indicators from 196 countries including actual values, consensus figures, forecasts, historical time series and news. Turkey Forecast - was last updated on Monday, January 17, 2022.