All News on Economics in Turkey

Tümen appointed deputy Central Bank governor

Professor Semih Tümen has been appointed deputy governor of Turkey's Central Bank, replacing Oğuzhan Erbaş.

The presidential decree regarding the appointment was published in the Official Gazette. There are four deputy governors at the country's Central Bank.

Private sector foreign debt up in February

Outstanding short- and long-term debts of Turkey's private sector rose this February, the Turkish Central Bank said on April 15. 

Price hikes in raw materials fuel food inflation, says Turkish chamber

Stockpiling prompted by the pandemic, price hikes in raw materials, exchange rate volatility, increasing input costs, and speculative acts are among the reasons for food price inflation in Turkey, according to sectoral professionals.

Unemployment slips to 13.2 pct in March

Turkey's unemployment rate dropped to 13.2% in March, down 0.9 percentage point compared to the same month last year, the country's statistical authority announced on June 10.

The Turkish Statistical Institute (TÜİK) said the number of unemployed persons age 15 and over slipped 573,000 year-on-year to 3.97 million in the month.

Inflation rate at 12.37 pct in February

The inflation rate in Turkey was recorded at 12.37 percent in February, the country's statistical authority announced on March 3. 

Last month's figure was up 0.22 percentage points from 12.15 percent in January, the Turkish Statistical Institute (TÜİK) said in a statement.

Retail sales volume down 3.7% in May

Turkey's calendar-adjusted retail sales volume with constant prices dropped 3.7% year-on-year in May this year, the country's statistical authority announced on July 17.

Retail sales volume down 3.8% in March

Turkey's calendar-adjusted retail sales volume with constant prices fell by 3.8% year-on-year in March this year, the country's statistical authority reported on May 15.

Oil prices drive annual inflation back to double digits

Turkey's annual inflation rate stood at 10.68 percent in August, revisiting double digits, with price hikes in cars, oil and LPG becoming the driving force, according to figures by the Turkish Statistical Institute (TÜİK) released on Sept. 5. 

Turkey's current account deficit shrinks in March

Turkey's current account deficit shrunk to $3.1 billion in March, a $666 million fall compared to the same month last year, according to a Turkish Central Bank report released May 11.        

The 12-month rolling deficit dropped to $33.02 billion in the third month of the year, down from $33.75 billion in February, according to the report.        

Foreign investment inflow to Turkey reaches $457 million in February

Turkey received $457 million in foreign direct investment in February, the Economy Ministry stated in a report on April 24.        

Foreign investment in Turkey reached $1.059 billion in the first two months of this year, down by 34.3 percent compared with the same period last year.        

Turkish economy remains resilient: Central Bank chief

Recent developments indicate the resilience of the Turkish economy and supportive fiscal and macro-prudential policies have mitigated the downside risks on economic activity, Central Bank Governor Murat Çetinkaya said April 20.

Turkey 'to give Central Bank first option on buying domestic gold'

Turkey is taking steps to give its Central Bank the right of first refusal on domestically produced gold, two sources said, allowing it to boost reserves of the precious metal without depleting foreign currency holdings.