Economy of the Arab League

Turkey's annual consumer price inflation increased from 61.1 percent in March to 69.97 percent in April, the Turkish Statistical Institute (TÜİK) has reported.

Consumer prices increased by 7.25 percent on a monthly basis in April, after increasing by 5.46 percent in March. The monthly inflation rates were 11.1 percent in January and 4.8 percent in February.

Retail prices in Istanbul increased by 11.4 percent in April from March, the Istanbul Chamber of Commerce (İTO) has said.
That came on top of the 6.29 percent rise in the retail prices in the country's largest city in April.

Food prices rose by 11.5 percent for an annual increase of 84.4 percent, while the increase in housing expenses was 10 percent, the İTO said.

Turkey's exports rose by 19.8 percent in March from a year earlier to stand at $22.7 billion, official data have shown.

The Turkish economy expanded 11 percent year on year in 2021 in line with market expectations, according to official data revealed on Feb. 28. 

"Gross domestic product at current prices increased by 42.8 percent and reached 7.2 trillion Turkish Liras [nearly $518 billion] in 2021 compared with the previous year," the Turkish Statistical Institute (TÜİK) said in a statement.

Turkey's foreign trade deficit shrank by 40.1 percent to stand at $1.4 billion in October, the Turkish Statistical Institute (TÜİK) said on Nov. 29.

In October this year, exports coverage imports were 93.5 percent, while it was 87.8 percent in October last year, according to TÜİK data.

Economic ties between the United Arab Emirates (UAE) and Turkey are growing stronger and offer great opportunities to establish new partnerships in different fields, especially trade and investment, the Emirati economy minister said on Nov. 23. 

The Greek economy is gaining ground, mainly due to domestic demand and the better than expected tourist season

The government of Dubai on Oct. 10 announced a diversified portfolio of public-private partnership (PPP) projects worth more than 25 billion dirhams ($6.81 billion).

The World Bank has raised its gross domestic product (GDP) growth forecast for Turkey in 2021 to 8.5 percent.
In its July projection, the bank had pointed to an expansion of 5 percent, according to Europe and Central Asia Economic Update released on Oct. 5.

"Turkey's economy was one of the few to avoid a contraction last year, partly owing to substantial credit expansion.

Turkey's current account balance posted a deficit of $683 million, down $1.3 billion from the same month last year, the Turkish Central Bank announced on Sept. 13.

With July figures, the current account deficit saw its eleven-month low.

According to the balance of payments figures released by the bank, the country's 12-month rolling deficit totaled almost $27.8 billion.