Economic history

Demand for loans drops in Cyprus

Demand for loans in Cyprus continued to fall in the first quarter of 2024, with banks blaming high interest rates for the decline. According to the Central Bank's Bank Lending Survey, banks also tightened the rules for giving loans to businesses, after three quarters of no changes. However, the rules for loans to households stayed the same.

Industrial production shrinks, jobless rate declines in April

Türkiye's industrial production declined on an annual basis, but the unemployment rate dropped in April, separate data have shown.

The country's industrial output fell 0.7 percent in April from a year ago after rising 4.6 percent year-on-year in the previous month, the Turkish Statistical Institute (TÜİK) said on June 10.

Banks' profit rises 32 percent in January-April, show data

The combined net income of Turkish banks increased by 32 percent in the first four months of 2024 from a year ago to 190.7 billion Turkish Liras ($5.94 billion), show data from the Banking Regulation and Supervision Agency (BDDK).

Total assets in the banking industry grew by 11.4 percent compared with the end of 2023 to reach 2.69 trillion liras as of April.

Turkish economy grows 5.7 percent in first quarter

The Turkish economy grew by 5.7 percent in the first quarter of 2024 from a year ago, accelerating from the 4 percent of expansion in the final quarter of 2023, data from the Turkish Statistics Institute (TÜİK) have shown.

The quarterly growth of the Turkish economy quickened from 1 percent to 2.4 percent.

Capacity utilization, business confidence decline in May

The capacity utilization rate (CUR) in the key manufacturing sector fell, while business morale deteriorated in May, according to official data released on May 27.

The unadjusted CUR declined from 76.7 percent in April to 76.3 percent in May, the numbers of the Central Bank showed.

On a seasonally adjusted basis, the capacity usage was down 0.4 points to 76.6 percent.

Turkish banks’ profit rise 45 pct in January-March

The combined profit of Turkish banks increased by 44.7 percent in the first quarter of 2024 from a year ago to 153.5 billion Turkish Liras ($4.8 billion).

Assets of lenders grew by 9.9 percent, or by 2.3 trillion liras, from the end of 2023 to reach 25.87 trillion liras, the Banking Regulation and Supervision Agency (BDDK) said.