Markets Actual Q4 Q1 Q2 Q3 2023
Currency 18.63 19.56 20.54 21.56 22.63 24.95
Stock Market (points) 5000.14 4698 4448 4211 3986 3572
Government Bond 10Y (%) 10.53 10.82 11.21 11.61 12.03 12.91

Overview Actual Q4 Q1 Q2 Q3 2023
GDP Growth Rate (%) -0.10 0.3 0.7 0.7 0.7 0.9
GDP Annual Growth Rate (%) 3.90 4.4 3.6 3.6 3.6 4
Unemployment Rate (%) 10.10 12 12.3 12.7 13.2 13.7
Inflation Rate (%) 84.39 90 60 42 36.8 29.6
Inflation Rate MoM (%) 2.88 0.5 0.7 0.7 0.7 0.7
Interest Rate (%) 9.00 9 9 9 9 10
Balance of Trade (USD Million) -8801.00 -2600 -2600 -2600 -2600 -3500
Current Account (USD Million) -2966.00 -2480 -2480 -2480 -2480 -3650
Current Account to GDP (% of GDP) -1.70 -6.5 -4.5 -4.5 -4.5 -3.9
Government Debt to GDP (% of GDP) 42.00 45 43 43 43 43
Government Budget (% of GDP) -2.70 -5.5 -5 -5 -5 -5
Business Confidence (points) 97.90 97 109 110 110 106
Manufacturing PMI (points) 45.70 51.5 53 54.1 54.1 54.6
Consumer Confidence (points) 76.60 77.5 89 92 92 95
Retail Sales MoM (%) 1.80 -0.4 -0.2 0.5 0.9 0.7
Corporate Tax Rate (%) 23.00 23 23 23 23 23
Personal Income Tax Rate (%) 40.00 40 40 40 40 40

GDP Actual Q4 Q1 Q2 Q3 2023
GDP Growth Rate (%) -0.10 0.3 0.7 0.7 0.7 0.9
GDP Annual Growth Rate (%) 3.90 4.4 3.6 3.6 3.6 4
GDP (USD Billion) 815.27 840 750 750 750 900
GDP Constant Prices (TRY THO) 561000276.10 586993475 485922348 525483903 581196286 610473214
Gross Fixed Capital Formation (TRY THO) 129612132.40 144938689 122026632 133942949 134278169 150736237
GDP per Capita (USD) 13250.66 12600 13400 13400 13400 13400
GDP per Capita PPP (USD) 31252.08 28600 29200 29200 29200 29200
Full Year GDP Growth (%) 11.40 5.1 3.2 3.2 3.2 3.2
GDP from Agriculture (TRY THO) 58043443.00 28723449 11498468 18969137 60133007 29872387
GDP from Construction (TRY THO) 26179838.30 24810282 23417993 27420413 27122312 25802693
GDP from Manufacturing (TRY THO) 86192161.80 101347438 90207215 93754077 89295080 105401336
GDP from Public Administration (TRY THO) 55915045.02 56267906 54481878 52737432 57927987 58518622
GDP from Services (TRY THO) 139189584.60 146054034 116247303 134885462 144200410 151896195

Labour Actual Q4 Q1 Q2 Q3 2023
Unemployment Rate (%) 10.10 12 12.3 12.7 13.2 13.7
Employed Persons (Thousand ) 30867.00 29470 29550 29550 29550 29800
Unemployed Persons (Thousand ) 3482.00 4080 3970 3970 3970 3850
Labor Force Participation Rate (%) 52.90 53.6 53.8 53.6 53.7 53.8
Long Term Unemployment Rate (%) 3.50 5.4 5.7 6.1 6.6 7.1
Youth Unemployment Rate (%) 18.00 19.9 20.2 20.6 21.1 21.6
Labour Costs (points) 554.34 327 336 336 336 345
Wages (TRY/Month) 3960.00 5600 6300 6300 6300 6300
Wages in Manufacturing (points) 643.19 384 389 389 389 402
Minimum Wages (TRY/Month) 6471.00 5008 6700 6700 6700 6700
Population (Million) 84.68 84.75 85.88 85.88 85.88 86.5
Retirement Age Women (Years) 58.00 58 58 58 58 58
Retirement Age Men (Years) 60.00 60 60 60 60 60
Employment Rate (%) 47.60 45.7 45.9 45.9 45.9 46.3

Prices Actual Q4 Q1 Q2 Q3 2023
Inflation Rate (%) 84.39 90 60 42 36.8 29.6
Inflation Rate MoM (%) 2.88 0.5 0.7 0.7 0.7 0.7
Consumer Price Index CPI (points) 1115.30 1305 1350 1389 1432 1692
Core Consumer Prices (points) 837.97 983 1093 1163 1203 1396
Core Inflation Rate (%) 68.91 75 68 60 51 42
Producer Prices (points) 2026.08 2453 2908 3140 3096 3803
Producer Prices Change (%) 136.02 140 120 90 66 55
Food Inflation (%) 102.60 80 60 46 46 25
Producer Price Inflation MoM (%) 0.74 1.5 1.6 1.6 1.6 0.7
CPI Housing Utilities (points) 1201.03 1305 1351 1426 1573 1691
CPI Transportation (points) 1274.65 1281 1290 1299 1308 1317
Harmonised Consumer Prices (points) 415.33 500 517 532 549 648

Money Actual Q4 Q1 Q2 Q3 2023
Interest Rate (%) 9.00 9 9 9 9 10
Money Supply M1 (TRY Thousand) 2987328370.10 1915000000 1915000000 1915000000 1915000000 2015000000
Interbank Rate (%) 15.63 15.63 15.63 15.63 15.63 16.63
Money Supply M2 (TRY Thousand) 7935821564.70 4547000000 4547000000 4547000000 4547000000 4557000000
Banks Balance Sheet (TRY Thousand) 13059236385.00 6949000000 6949000000 6949000000 6949000000 7229000000
Loans to Private Sector (TRY Thousand) 3518022332.00 2505707514 2796875647 3250804163 3554187225 2605935815
Deposit Interest Rate (%) 7.50 7.5 7.5 7.5 7.5 8.5
Cash Reserve Ratio (%) 25.00 25 23 23 23 19
Central Bank Balance Sheet (TRY Thousand) 3290051861.00 1957000000 1957000000 1957000000 1957000000 2157000000
Private Debt to GDP (%) 184.50 175 175 175 175 171
Lending Rate (%) 10.50 10.5 10.5 10.5 10.5 11.5

Trade Actual Q4 Q1 Q2 Q3 2023
Balance of Trade (USD Million) -8801.00 -2600 -2600 -2600 -2600 -3500
Current Account (USD Million) -2966.00 -2480 -2480 -2480 -2480 -3650
Current Account to GDP (% of GDP) -1.70 -6.5 -4.5 -4.5 -4.5 -3.9
Imports (USD Million) 30700.00 21400 21400 21400 21400 23100
Exports (USD Million) 21900.00 18800 18800 18800 18800 19600
External Debt (USD Million) 444392.00 515000 515000 515000 515000 525000
Capital Flows (USD Million) -357.00 4450 4450 4450 4450 5540
Foreign Direct Investment (USD Million) 420.00 750 750 750 750 880
Tourism Revenues (USD Million) 17950.00 6800 5650 5650 5650 7000
Tourist Arrivals 4803198.00 2045655 1693790 1693790 1693790 2110000
Crude Oil Production (BBL/D/1K) 68.00 75 75 75 75 75

Government Actual Q4 Q1 Q2 Q3 2023
Government Debt to GDP (% of GDP) 42.00 45 43 43 43 43
Government Budget (% of GDP) -2.70 -5.5 -5 -5 -5 -5
Government Budget Value (TRY Billion) -83.25 -32 -31 -31 -31 -21
Government Spending (TRY THO) 73614525.50 77500000 64129104 66948725 76264648 75100000
Government Revenues (TRY Billion) 224.16 85 85 85 85 96
Government Debt (TRY Million) 3807800.00 2944400 2944400 2944400 2944400 2944400
Fiscal Expenditure (TRY Billion) 307.42 116 116 116 116 117

Taxes Actual Q4 Q1 Q2 Q3 2023
Corporate Tax Rate (%) 23.00 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 (%) 34.50 34.5 34.5 34.5 34.5 34.5
Social Security Rate For Companies (%) 20.50 20.5 20.5 20.5 20.5 20.5
Social Security Rate For Employees (%) 14.00 14 14 14 14 14

Business Actual Q4 Q1 Q2 Q3 2023
Business Confidence (points) 97.90 97 109 110 110 106
Manufacturing PMI (points) 45.70 51.5 53 54.1 54.1 54.6
Industrial Production (%) 0.40 3.1 3.1 2.3 1.8 0.7
Industrial Production Mom (%) -1.60 0.2 0.5 0.2 0.1 -0.3
Manufacturing Production (%) 1.68 3.8 3.8 3.8 3.8 3.8
Capacity Utilization (%) 75.90 75.5 77.6 77.5 77.5 78
Bankruptcies (Companies) 1799.00 1400 1400 1400 1400 1150
Car Production (Units) 114835.00 130574 118956 114815 114815 124787
Car Registrations (Units) 102403.00 87000 87000 87000 87000 98000
Total Vehicle Sales (Units) 82311.00 102000 102000 102000 102000 108000
Leading Economic Index (%) 4.81 3.8 3.8 3.8 3.8 3.8
Mining Production (%) -16.45 3 3 3 3 3

Consumer Actual Q4 Q1 Q2 Q3 2023
Consumer Confidence (points) 76.60 77.5 89 92 92 95
Retail Sales MoM (%) 1.80 -0.4 -0.2 0.5 0.9 0.7
Retail Sales YoY (%) 9.73 2.8 7.1 4.8 5.2 6.5
Consumer Spending (TRY THO) 390386269.00 377101857 327152282 361146204 404440175 392185931
Consumer Credit (TRY THO) 1512642117.00 1076222781 1124472672 1318479512 1456228197 1119271693
Private Sector Credit (TRY Thousand) 5345419393.00 3863363721 4294458652 4899719784 5376692199 4017898270
Gasoline Prices (USD/Liter) 1.08 1.12 1.16 1.21 1.25 1.35
Economic Optimism Index (points) 96.90 96 99 103 105 102
Households Debt to GDP (% of GDP) 12.50 29 29 29 29 32

Housing Actual Q4 Q1 Q2 Q3 2023
Housing Index (points) 575.20 226 226 226 226 245
Existing Home Sales (Units) 69968.00 145500 145500 145500 145500 168500
Building Permits (Units) 56844.00 98000 98000 98000 98000 111000
Home Ownership Rate (%) 57.90 59 59 59 59 58.6
Housing Starts (units) 9263.00 17700 17700 17700 17700 19500
New Home Sales (Units) 32692.00 109500 109500 109500 109500 109500