Markets Actual Q3 Q4 Q1 Q2 2022
Currency 8.34 8.56 8.69 8.83 8.96 9.23
Stock Market (points) 1399.65 1336 1285 1236 1189 1100
Government Bond 10y (%) 16.60 17.36 17.87 18.4 18.95 20.09

Overview Actual Q3 Q4 Q1 Q2 2022
GDP Growth Rate (%) 1.70 3.6 2.8 1.4 1.1 0.7
GDP Annual Growth Rate (%) 7.00 12 5.1 4.5 3.9 4.4
Unemployment Rate (%) 13.20 13.6 13.2 13.4 13 12.9
Inflation Rate (%) 17.53 16 12 9.1 8.7 7.8
Inflation Rate Mom (%) 1.94 0.9 1.2 0.6 0.7 0.5
Interest Rate (%) 19.00 19 18 15.5 14.5 12.5
Balance of Trade (USD Million) -2852.76 -2000 -900 -3300 -3200 -1300
Current Account (USD Million) -3081.00 -2680 -2200 -2800 -3200 -2480
Current Account to GDP (% of GDP) -5.10 -7.4 -7.4 -3.2 -3.2 -3.2
Government Debt to GDP (% of GDP) 39.50 45.6 45.6 45 45 45
Government Budget (% of GDP) -3.40 -7.1 -7.1 -4.4 -4.4 -4.4
Business Confidence (points) 114.80 108 105 106 107 110
Manufacturing PMI (points) 54.00 53.6 52.5 53.6 54.1 54
Consumer Confidence (points) 79.50 75 79 83 85 88
Retail Sales MoM (%) -6.10 -1.2 0.5 0.9 1 0.7
Corporate Tax Rate (%) 25.00 25 25 23 23 23
Personal Income Tax Rate (%) 40.00 40 35 40 40 40

GDP Actual Q3 Q4 Q1 Q2 2022
GDP Growth Rate (%) 1.70 3.6 2.8 1.4 1.1 0.7
GDP Annual Growth Rate (%) 7.00 12 5.1 4.5 3.9 4.4
GDP (USD Billion) 720.10 740 740 810 810 810
GDP Constant Prices (TRY THO) 434359403.50 559938404 538863815 453905577 451299420 562573823
Gross Fixed Capital Formation (TRY THO) 112751272.30 148055184 140803749 117825080 117148572 146999114
GDP per capita (USD) 15225.61 14400 14400 15100 15100 15100
GDP per capita PPP (USD) 28384.99 27500 27500 28600 28600 28600
GDP From Agriculture (TRY THO) 11976981.00 68789149 28108440 12515945 12444083 29345211
GDP From Construction (TRY THO) 24993583.80 36259177 27001531 26118295 25968334 28189598
GDP From Manufacturing (TRY THO) 79009206.90 85182025 89110971 82564621 82090566 93031854
GDP From Public Administration (TRY THO) 50183550.67 53364821 54093133 52441810 52140709 56473230
GDP From Services (TRY THO) 98509559.10 122329267 129192282 102942489 102351432 134876742

Labour Actual Q3 Q4 Q1 Q2 2022
Unemployment Rate (%) 13.20 13.6 13.2 13.4 13 12.9
Employed Persons (Thousand ) 27844.00 28200 28600 29000 29200 29100
Unemployed Persons (Thousand ) 4237.00 4440 4550 4520 4490 4450
Labor Force Participation Rate (%) 50.50 50.8 51.1 51.5 51.7 52
Long Term Unemployment Rate (%) 3.50 3.6 3 2.9 2.9 2.8
Youth Unemployment Rate (%) 24.00 24.4 24 24.2 23.8 23.8
Labour Costs (points) 256.18 230 222 237 271 228
Wages (TRY/Month) 3960.00 4750 4750 5600 5600 5600
Wages in Manufacturing (points) 275.03 238 228 242 203 234
Minimum Wages (TRY/Month) 3577.50 3578 3578 4250 4250 4250
Population (Million) 83.61 83.91 83.91 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 (%) 43.80 43.4 43.6 43.7 43.9 44.2

Prices Actual Q3 Q4 Q1 Q2 2022
Inflation Rate (%) 17.53 16 12 9.1 8.7 7.8
Inflation Rate Mom (%) 1.94 0.9 1.2 0.6 0.7 0.5
Consumer Price Index CPI (points) 547.48 554 565 571 595 609
Core Consumer Prices (points) 462.40 463 453 470 477 503
Core Inflation Rate (%) 17.48 15.6 10.4 8.8 8.3 7
Producer Prices (points) 693.54 644 668 689 771 727
Producer Prices Change (%) 42.89 25 17.5 12 11.2 8.9
Food Inflation (%) 19.99 14.5 13.6 12.4 11.1 8
Cpi Housing Utilities (points) 573.70 597 598 608 624 645
CPI Transportation (points) 560.71 546 577 571 609 622
Harmonised Consumer Prices (points) 209.82 212 217 219 228 234

Money Actual Q3 Q4 Q1 Q2 2022
Interest Rate (%) 19.00 19 18 15.5 14.5 12.5
Interbank Rate (%) 19.48 19.48 18.48 15.98 14.98 14.98
Money Supply M1 (TRY Thousand) 1374960199.80 1665000000 1815000000 1759000000 1778000000 1915000000
Money Supply M2 (TRY Thousand) 3778096888.50 3846000000 3955000000 3902000000 3937000000 4047000000
Banks Balance Sheet (TRY Thousand) 6488699670.00 6485000000 6549000000 6519000000 6622000000 6949000000
Loans to Private Sector (TRY Thousand) 1866065706.00 1942272564 1829313887 1896475032 1938842269 1909803698
Deposit Interest Rate (%) 17.50 17.5 16.5 14 13 13
Lending Rate (%) 20.50 20.5 19.5 17 16 16
Private Debt to GDP (%) 165.80 171 171 177 177 177
Cash Reserve Ratio (%) 19.00 19 19 17 17 17
Central Bank Balance Sheet (TRY Thousand) 1434143087.00 1592000000 1605000000 1654000000 1725000000 1857000000

Trade Actual Q3 Q4 Q1 Q2 2022
Balance of Trade (USD Million) -2852.76 -2000 -900 -3300 -3200 -1300
Current Account (USD Million) -3081.00 -2680 -2200 -2800 -3200 -2480
Current Account to GDP (% of GDP) -5.10 -7.4 -7.4 -3.2 -3.2 -3.2
Imports (USD Million) 22627.71 18900 19100 20600 22700 20100
Exports (USD Million) 19774.94 16900 18200 17300 19500 18800
External Debt (USD Million) 448393.00 487000 495000 488000 494000 515000
Capital Flows (USD Million) -1516.00 1250 2850 -1200 -1000 4450
Foreign Direct Investment (USD Million) 256.00 650 690 850 710 750
Tourism Revenues (USD Million) 3004.00 5100 5200 4250 6600 5650
Tourist Arrivals (Persons) 2047596.00 2620000 1700000 2110000 2090000 2110000
Crude Oil Production (BBL/D/1K) 64.00 60 60 60 60 60

Government Actual Q3 Q4 Q1 Q2 2022
Government Debt to GDP (% of GDP) 39.50 45.6 45.6 45 45 45
Government Budget (% of GDP) -3.40 -7.1 -7.1 -4.4 -4.4 -4.4
Government Budget Value (TRY Billion) -25.03 -33 -42 -37 -16 -31
Government Spending (TRY THO) 61363117.10 66700000 79900000 61200000 74000000 77500000
Government Revenues (TRY Billion) 88.35 85 78 57 79 85
Government Debt (TRY Million) 2026802.00 1990000 1940000 1950000 1960000 1980000
Fiscal Expenditure (TRY Billion) 113.38 118 120 94 95 116

Taxes Actual Q3 Q4 Q1 Q2 2022
Corporate Tax Rate (%) 25.00 25 25 23 23 23
Personal Income Tax Rate (%) 40.00 40 35 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 Q3 Q4 Q1 Q2 2022
Business Confidence (points) 114.80 108 105 106 107 110
Manufacturing PMI (points) 54.00 53.6 52.5 53.6 54.1 54
Industrial Production (%) 40.70 5.6 4.9 3.8 4.4 3.6
Industrial Production Mom (%) 1.30 -1.6 0.5 0.9 1.2 0.8
Manufacturing Production (%) 42.80 2.5 5.5 4.4 5.4 3.8
Capacity Utilization (%) 76.70 75.7 75.8 75.7 75.9 76
Bankruptcies (Companies) 1269.00 2210 2520 1640 1650 1400
Total Vehicle Sales (Units) 79819.00 92100 95000 62000 75600 102000
Car Production (Units) 107219.00 156200 155400 132000 115900 165500
Car Registrations 104316.00 109700 69000 76000 85900 87000
Leading Economic Index (%) 12.09 6.1 5.1 4.4 5.2 3.8
Mining Production (%) 33.40 5.6 4.4 3.6 4 3

Consumer Actual Q3 Q4 Q1 Q2 2022
Consumer Confidence (points) 79.50 75 79 83 85 88
Retail Sales MoM (%) -6.10 -1.2 0.5 0.9 1 0.7
Retail Sales YoY (%) 27.00 5.6 6.2 5.2 4.6 3.8
Consumer Spending (TRY THO) 259540636.20 333178109 316482586 271219965 269662721 330407820
Consumer Credit (TRY THO) 899666314.00 904065612 876993351 896464934 934753300 915581059
Private Sector Credit (TRY Thousand) 3027018499.00 3107174979 2954885158 3067432039 3145072220 3084900105
Households Debt To GDP (% of GDP) 17.50 25 25 29 29 29
Economic Optimism Index (points) 100.10 95 101 104 106 105
Gasoline Prices (USD/Liter) 0.92 0.87 0.83 0.79 0.75 0.71

Housing Actual Q3 Q4 Q1 Q2 2022
Housing Index (points) 175.40 162 164 166 169 175
New Home Sales (Units) 18204.00 38500 75500 42200 65100 109500
Housing Starts (units) 13145.00 7600 15100 12200 9600 17700
Home Ownership Rate (%) 58.80 59.5 59.5 59 59 59
Building Permits 81245.00 51600 91000 85000 72500 98000
Existing Home Sales (Units) 40962.00 109200 122500 98900 146000 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.