All News on Economics in Turkey
Child labor is more of an issue than the 'image of the sector'
Daily Hürriyet reporter Burak Coşan has documented child laborers between the ages of 10 and 14 who work for 12 hours a day at unregistered textile workshops in Istanbul's Küçükpazar neighborhood.
Foreign child workers exploited in sweatshops in Istanbul's Küçükpazar
The Küçükpazar neighborhood of Istanbul's Fatih district has become a center of sweatshops, where children from outside Turkey are forced to work in shocking conditions.
Turkey's current account deficit drops in December
Turkey's current account deficit stood at $4.27 billion in December 2016, down by $784 million compared to the same month in 2015, an official data showed on Feb. 14.
Considering the full year of 2016, the current account deficit was announced $32.61 billion with a slight increase from $32.12 billion in 2015, according to the Central Bank data.
IMF estimates Turkey's growth will be below potential in 2016, 2017
The International Monetary Fund has projected that Turkey's economic growth will remain below its potential in 2016 and 2017, citing a number of significant political and economic risks.
Turks get richer overnight due to revision in GDP per capita data
Turkey's 2015 GDP per capita has increased from $9,130 to 11,014 after the Turkish Statistics Institute (TÜİK) revised how it calculated the figure.
Around 80 million Turks got a nearly 20 percent boost to their average standard of living on Dec. 12 - on paper at least.
Bulgaria's Non-EU Exports 10.6% Down in Jan-Oct
Exports to third countries have shrunk by 10.6% between January and October compared to the same period of last year, national statistics show.
The amount exported for that time was BGN 11.973 B, with Turkey, Macedonia, Serbia, China, Russia and the US being the main non-EU partners for Bulgarian goods.
Will these wounded children be the future of Turkey?
In Turkey, one in three children suffers from extreme poverty. That is more than 7 million children in total. Out of 20 million children, 15 million cannot have a one-week vacation in a year. Almost half of them cannot eat meat, chicken or fish.
OECD slashes 2016 growth forecast for Turkey
The Organization for Economic Cooperation and Development (OECD) has slashed its 2016 growth forecast for Turkey to 2.9 percent in its latest outlook, down from 3.9 percent in its previous estimate.
Turkey sees slower GDP growth in second half of 2016: World Bank
As private investment and consumption appear to have slowed down in the aftermath of the failed coup attempt, high frequency indicators suggest real GDP growth may fall into negative territory in Turkey in the third quarter, which will bring full-year GDP growth in 2016 to 3.1 percent, compared to 3.5 percent envisaged earlier, said the World Bank in a note on Nov. 25.
$5.5 billion eroded in one week in Turkey
Last week, when the U.S. dollar rose to a record high, the Turkish Central Bank's foreign currency and gold reserves eroded exactly $5.5 billion. They fell back to $117.5 billion, which is the highest drop since 2009 in the foreign exchange reserves, which are released on a weekly basis.
Turkey's current account deficit widens in September
Turkey's current account deficit stood at $1.7 billion in September, an increase from a $167 million surplus in the same month of 2015.
The Central Bank stated on Nov. 11 that this was due to a decline in income from tourism and an increase in imports.
Is Turkey rich enough to get away with limiting Internet access?
The Turkish government has recently been expressing its wish to create a new "economic narrative" to bring the country back to a high growth track. Certainly, a rich climate for entrepreneurship would play a key role in developing a fresh economic story.
Bulgaria's Trade with Third Countries Dipped in Jan-Aug
Both exports and imports of Bulgaria to third countries fell in the first eight months of this year, compared to the same period of 2015, statistics show.
Exports amounted to BGN 9.5161 B. The main trade partners included Turkey, Macedonia, Serbia, China, Russia, and the United States, accounting for 49.7% of the exports to non-EU countries.
Turkey's unemployment rate rises to 10.2 pct
Turkey's unemployment rate rose to 10.2 percent in June with a 0.6 percentage point year-on-year increase, data from the Turkish Statistics Institute (TÜİK) has showed. In the same period, the non-agricultural unemployment rate was 12.2 percent with a 0.5 percentage point increase.
Concerns for the growth rate
The latest growth figures have revealed that Turkey is now face-to-face with a serious growth problem. Even though we are at the top in comparison to other countries, it looks as if we will be talking about the growth problem more in the next term.