Turkish currency and debt crisis

The confidence of Turkish consumers in the economy fell 2.7 percent this month, Turkey's statistical authority said on Feb. 20.

On a monthly basis, the index was valued at 57.3 in February, down over one point versus the previous month, the Turkish Statistical Institute (TÜİK) announced.

Turkey's short-term external debt stock amounted to $118.2 billion as of the end of December, fresh data showed on Feb. 20.

The country's external debt stock - maturing within one year or less - soared by 4.3 percent in December versus the end of 2018, according to the Central Bank of the Republic of Turkey (CBRT).

The house price index increased by 9.92 percent in December 2019 from the same month of the previous year, data from the Central Bank have shown.

The annual rise in house prices was lower, at 7.2 percent, in November last year.

In real terms, house prices went up by 1.71 percent, the Central Bank said on Feb. 18.

Economists forecast that Turkey's Central Bank will cut interest rates this week, according to an Anadolu Agency survey on Feb. 17.

The second Monetary Policy Committee (MPC) meeting of 2020 will be held on Feb. 19 to announce the bank's decision on interest rates.

Turkey's industrial production increased by 3.6 percent year-on-year in December 2019, data from the Turkish Statistics Institute (TÜİK) showed on Feb. 13.

In the month, all the three main sub-indices -- mining and quarrying, manufacturing, and the electricity, gas, steam and air conditioning -- rose by 9.8 percent, 9.1 percent and 0.3 percent, respectively.

Turkish economy is projected to post higher growth this year, said the head of the Turkish Industry and Business Association (TÜSİAD) on Feb. 6.  

"The components of this growth forecast are comprised of the rise in public expenditures and especially the expansion in the balance sheets of public banks," Simone Kaslowski told a regular meeting of general assembly held in Istanbul.

Turkey's economy has been in crisis since 2016. But some economists say official statistics do not tell the whole story.

Turkey's annual inflation rate was recorded at 12.15 percent in January, increasing from 11.84 percent in December 2019, Turkey's statistical authority said on Feb. 3.

The annual inflation rose 0.31 percentage points month-on-month in January, according to the Turkish Statistical Institute (TÜİK).

Confidence in the Turkish economy rose on a monthly basis to hit a 21-month high in January, Turkey's statistical authority announced on Jan. 29.

The economic confidence index went up 0.6 percent compared with the last month -- to 97.1 in January from 96.5 points in December, the Turkish Statistical Institute (TÜİK) said in a report.

Turkey's central government's gross debt stock became 1.33 trillion Turkish liras (around $223 billion) as of end-2019, according to Treasury and Finance Ministry on Jan. 20.

The figure was up 24.3 percent year-on-year, the ministry data showed.