Markets Actual Q4 Q1 Q2 Q3 2022
Currency 9.28 9.35 9.49 9.63 9.78 10.07
Stock Market (points) 1412.49 1358 1309 1262 1216 1130
Government Bond 10y (%) 19.16 19.59 20.14 20.7 21.28 22.5

Overview Actual Q4 Q1 Q2 Q3 2022
GDP Growth Rate (%) 0.90 2.8 1.7 1.1 0.8 0.7
GDP Annual Growth Rate (%) 21.70 7 6.8 6.9 5.5 4.4
Unemployment Rate (%) 12.10 12 12.4 12 11.8 11.6
Inflation Rate (%) 19.58 18.1 12 10.5 9 7.8
Inflation Rate Mom (%) 1.25 1.2 0.6 0.7 0.4 0.5
Interest Rate (%) 18.00 18 15.5 14.5 14.5 12.5
Balance of Trade (USD Million) -4259.09 100 100 -8300 -5200 -5600
Current Account (USD Million) 528.00 -2200 -2800 -3200 -2890 -2480
Current Account to GDP (% of GDP) -5.10 -7.4 -3.2 -3.2 -3.2 -3.2
Government Debt to GDP (% of GDP) 39.50 45.6 45 45 45 45
Government Budget (% of GDP) -3.40 -7.1 -4.4 -4.4 -4.4 -4.4
Business Confidence (points) 113.40 109 106 107 108 110
Manufacturing PMI (points) 52.50 52.5 53.6 54.1 54.6 54
Consumer Confidence (points) 79.70 79 83 85 87 89
Retail Sales MoM (%) 0.30 0.5 0.9 1 -0.8 0.7
Corporate Tax Rate (%) 25.00 25 23 23 23 23
Personal Income Tax Rate (%) 40.00 35 40 40 40 40

GDP Actual Q4 Q1 Q2 Q3 2022
GDP Growth Rate (%) 0.90 2.8 1.7 1.1 0.8 0.7
GDP Annual Growth Rate (%) 21.70 7 6.8 6.9 5.5 4.4
GDP (USD Billion) 720.10 740 810 810 810 810
GDP Constant Prices (TRY THO) 468630943.60 477124233 548703631 464822249 500966479 572846591
Gross Fixed Capital Formation (TRY THO) 122255832.10 127809779 145332262 121051534 130691485 151726882
GDP per capita (USD) 15225.61 15100 15600 15600 15600 15600
GDP per capita PPP (USD) 28384.99 27900 28600 28600 28600 28600
GDP From Agriculture (TRY THO) 19261448.00 26226109 28925678 12996658 20590488 30198408
GDP From Construction (TRY THO) 28974417.10 32774032 26879169 26092139 30973652 28061853
GDP From Manufacturing (TRY THO) 82263328.30 78004275 92358916 85419405 87939498 96422708
GDP From Public Administration (TRY THO) 49589248.43 47612877 54914657 53778417 53010907 57330902
GDP From Services (TRY THO) 109370903.90 112962260 128238577 104268040 116917496 133881074

Labour Actual Q4 Q1 Q2 Q3 2022
Unemployment Rate (%) 12.10 12 12.4 12 11.8 11.6
Employed Persons (Thousand ) 28706.00 28750 29000 29200 29450 29100
Unemployed Persons (Thousand ) 3965.00 4150 4220 4290 4120 4080
Labor Force Participation Rate (%) 51.20 51.1 51.5 51.7 51.8 52
Long Term Unemployment Rate (%) 3.50 3 2.9 2.9 2.8 2.8
Youth Unemployment Rate (%) 22.70 22.6 23 22.6 22.4 22.2
Labour Costs (points) 268.49 283 287 291 295 302
Wages (TRY/Month) 3960.00 4750 5600 5600 5600 5600
Wages in Manufacturing (points) 297.18 328 342 366 377 384
Minimum Wages (TRY/Month) 3577.50 3578 4250 4250 4250 4250
Population (Million) 83.61 83.91 84.75 84.75 84.75 84.75
Retirement Age Women 58.00 58 58 58 58 58
Retirement Age Men 60.00 60 60 60 60 60
Employment Rate (%) 45.00 45.6 45.4 45.5 45.6 45.7

Prices Actual Q4 Q1 Q2 Q3 2022
Inflation Rate (%) 19.58 18.1 12 10.5 9 7.8
Inflation Rate Mom (%) 1.25 1.2 0.6 0.7 0.4 0.5
Consumer Price Index CPI (points) 570.66 596 586 605 622 643
Core Consumer Prices (points) 474.06 478 480 503 514 514
Core Inflation Rate (%) 16.98 12.2 9.5 8.8 8.4 7.5
Producer Prices (points) 741.58 784 735 795 832 859
Producer Prices Change (%) 43.96 38 19.5 14.6 12.2 9.5
Food Inflation (%) 28.79 22.8 16.5 12.2 14 12
Cpi Housing Utilities (points) 622.72 631 624 634 679 680
CPI Transportation (points) 565.44 572 576 580 582 585
Harmonised Consumer Prices (points) 215.96 228 225 232 235 246

Money Actual Q4 Q1 Q2 Q3 2022
Interest Rate (%) 18.00 18 15.5 14.5 14.5 12.5
Interbank Rate (%) 18.36 18.36 15.86 14.86 14.86 12.86
Money Supply M1 (TRY Thousand) 1460962167.00 1815000000 1759000000 1778000000 1842000000 1915000000
Money Supply M2 (TRY Thousand) 3979899055.10 3955000000 3902000000 3937000000 3974000000 4047000000
Banks Balance Sheet (TRY Thousand) 6683002756.00 6749000000 6819000000 6862000000 6913000000 6949000000
Loans to Private Sector (TRY Thousand) 1856070525.00 1862384262 1938215631 1994824240 1958154404 1944329169
Deposit Interest Rate (%) 16.50 16.5 14 13 13 11
Lending Rate (%) 19.50 19.5 17 16 16 14
Private Debt to GDP (%) 173.00 177 175 175 175 175
Cash Reserve Ratio (%) 23.00 23 23 23 21 21
Central Bank Balance Sheet (TRY Thousand) 1713061715.00 1705000000 1754000000 1825000000 1889000000 1957000000

Trade Actual Q4 Q1 Q2 Q3 2022
Balance of Trade (USD Million) -4259.09 100 100 -8300 -5200 -5600
Current Account (USD Million) 528.00 -2200 -2800 -3200 -2890 -2480
Current Account to GDP (% of GDP) -5.10 -7.4 -3.2 -3.2 -3.2 -3.2
Imports (USD Million) 23175.26 23400 25600 24700 23460 24400
Exports (USD Million) 18916.17 18200 17300 19500 17600 18800
External Debt (USD Million) 446439.00 495000 488000 494000 501200 515000
Capital Flows (USD Million) -4903.00 2850 -1200 -1000 1980 4450
Foreign Direct Investment (USD Million) 1036.00 690 850 710 810 750
Tourism Revenues (USD Million) 3004.00 5200 4250 6600 5890 5650
Tourist Arrivals (Persons) 3982168.00 1700000 2110000 2090000 2980000 2110000
Crude Oil Production (BBL/D/1K) 66.00 60 60 60 60 60

Government Actual Q4 Q1 Q2 Q3 2022
Government Debt to GDP (% of GDP) 39.50 45.6 45 45 45 45
Government Budget (% of GDP) -3.40 -7.1 -4.4 -4.4 -4.4 -4.4
Government Budget Value (TRY Billion) -23.59 -42 -37 -16 -22 -31
Government Spending (TRY THO) 63792599.80 79900000 61200000 74000000 68194289 77500000
Government Revenues (TRY Billion) 117.92 78 57 79 94 85
Government Debt (TRY Million) 2041704.00 2070000 2090000 2110000 2100000 2140000
Fiscal Expenditure (TRY Billion) 141.51 120 94 95 116 116

Taxes Actual Q4 Q1 Q2 Q3 2022
Corporate Tax Rate (%) 25.00 25 23 23 23 23
Personal Income Tax Rate (%) 40.00 35 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 Q4 Q1 Q2 Q3 2022
Business Confidence (points) 113.40 109 106 107 108 110
Manufacturing PMI (points) 52.50 52.5 53.6 54.1 54.6 54
Industrial Production (%) 13.80 4.9 3.8 4.4 4 3.6
Industrial Production Mom (%) 5.40 0.5 0.9 1.2 -0.7 0.8
Manufacturing Production (%) 14.20 5.5 4.4 5.4 4.7 3.8
Capacity Utilization (%) 78.10 76.8 77.2 77.4 77.6 77.5
Bankruptcies (Companies) 1442.00 2520 1640 1650 2400 1400
Total Vehicle Sales (Units) 57141.00 95000 62000 75600 97600 102000
Car Production (Units) 107029.00 155400 132000 115900 157900 165500
Car Registrations 95896.00 69000 76000 85900 117500 87000
Leading Economic Index (%) 4.94 5.1 4.4 5.2 4.6 3.8
Mining Production (%) 9.40 5.4 3.6 4 3.6 3

Consumer Actual Q4 Q1 Q2 Q3 2022
Consumer Confidence (points) 79.70 79 83 85 87 89
Retail Sales MoM (%) 0.30 0.5 0.9 1 -0.8 0.7
Retail Sales YoY (%) 15.00 6.2 5.2 4.6 4 3.8
Consumer Spending (TRY THO) 281912681.60 272227250 320082142 277025679 301364657 334165756
Consumer Credit (TRY THO) 956933142.00 892847655 916195741 961743290 1009564465 932132952
Private Sector Credit (TRY Thousand) 3051969530.00 3008303634 3134944897 3235882775 3219827854 3140668993
Households Debt To GDP (% of GDP) 17.00 25 29 29 29 29
Economic Optimism Index (points) 102.40 101 104 106 107 105
Gasoline Prices (USD/Liter) 0.89 0.85 0.8 0.76 0.73 0.69

Housing Actual Q4 Q1 Q2 Q3 2022
Housing Index (points) 185.30 199 208 216 220 226
New Home Sales (Units) 42639.00 75500 42200 65100 52600 109500
Housing Starts (units) 10317.00 15100 12200 9600 10500 17700
Home Ownership Rate (%) 58.80 59.5 59 59 59 59
Building Permits 56721.00 91000 85000 72500 64900 98000
Existing Home Sales (Units) 98761.00 122500 98900 146000 120500 145500


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.