Economic impact of the COVID-19 pandemic

Inflation rate sets maximum rent hike at 65 percent

As the 25 percent cap on rent hikes expired as of July 2, landlords and tenants waited for the inflation data for June because if a contract is to be renewed this month, the rent hike should be in line with the 12-month average consumer price inflation.

The cap was introduced in June 2022 for two years but the government decided to discontinue it.

Economic confidence index falls in June

A survey by the Turkish Statistics Institute (TÜİK) has shown that confidence in the economy further eroded.

The economic confidence index declined for a third month in a row, falling 2.5 percent month-on-month to 95.8 in June, the statistics authority said on June 27.

The gauge of confidence was down 1 percent in April and declined 0.8 percent in May.

Annual increase in home prices continued to slow in April

The annual increase in the Residential Property Price Index (RPPI) further slowed in April, rising 48.4 percent last compared with 51.9 percent in March, data from the Central Bank have shown.

The year-on-year increase in the index reached as high as 189 percent in September 2022 but started to come down steadily in the following months.

Markets believe program will bring inflation down: Şimşek

The market is beginning to believe that the government's economic program will bring inflation down, Finance Minister Mehmet Şimşek has said.

"Inflation may be around low 40s or high 30s later this year, and next year it might be around mid-10s and then will decline to single digits," Şimsek said at event in London organized by the Chatham House, a think tank.

May Sees Continued Deflation in Bulgaria

The National Statistical Institute (NSI) reported deflation for the second consecutive month. In May, retail prices decreased by 0.2 percent following a 0.3 percent drop in April, according to NSI data.

The last instance of two consecutive months of deflation was in 2020, with monthly decreases recorded in March, April, May, and June.

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.

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.