Markets Actual Q4 Q1 Q2 Q3 2022
Currency 11.95 11.35 11.51 11.68 11.85 12.2
Stock Market (points) 1777.31 1680 1622 1566 1511 1409
Government Bond 10y (%) 20.09 20.63 21.18 21.75 22.33 23.54

Overview Actual Q4 Q1 Q2 Q3 2022
GDP Growth Rate (%) 0.90 1.8 0.7 1.1 0.8 0.7
GDP Annual Growth Rate (%) 21.70 7 6.8 3.9 4.5 4.4
Unemployment Rate (%) 11.50 12 12.4 12 11.8 11.6
Inflation Rate (%) 19.89 25 22 18.5 17 10.8
Inflation Rate Mom (%) 2.39 1.2 0.6 0.7 0.4 0.5
Interest Rate (%) 15.00 15 15 14.5 14.5 12.5
Balance of Trade (USD Million) -2547.29 100 -8300 -5200 -5860 -5600
Current Account (USD Million) 1652.00 -2200 -2800 -3200 -2890 -2480
Current Account to GDP (% of GDP) -5.10 -7.4 -3.2 -3.2 -3.2 -3.2
Government Debt to GDP (% of GDP) 39.50 45.6 45 45 45 45
Government Budget (% of GDP) -3.40 -7.1 -4.4 -4.4 -4.4 -4.4
Business Confidence (points) 108.40 107 106 107 108 110
Manufacturing PMI (points) 51.20 52.5 53.6 54.1 54.6 54
Consumer Confidence (points) 71.10 73 83 85 87 89
Retail Sales MoM (%) 1.20 0.5 0.9 1 -0.8 0.7
Corporate Tax Rate (%) 25.00 25 23 23 23 23
Personal Income Tax Rate (%) 40.00 35 40 40 40 40

GDP Actual Q4 Q1 Q2 Q3 2022
GDP Growth Rate (%) 0.90 1.8 0.7 1.1 0.8 0.7
GDP Annual Growth Rate (%) 21.70 7 6.8 3.9 4.5 4.4
GDP (USD Billion) 720.10 740 810 810 810 810
GDP Constant Prices (TRY THO) 468630943.60 548703631 464822249 486907550 489719336 572846591
Gross Fixed Capital Formation (TRY THO) 122255832.10 145332262 121051534 127023810 127757345 151726882
GDP per capita (USD) 12035.03 15100 15600 15600 15600 15600
GDP per capita PPP (USD) 28384.99 27900 28600 28600 28600 28600
GDP From Agriculture (TRY THO) 19261448.00 28925678 12996658 20012644 20128213 30198408
GDP From Construction (TRY THO) 28974417.10 26879169 26092139 30104419 30278266 28061853
GDP From Manufacturing (TRY THO) 82263328.30 92358916 85419405 85471598 85965178 96422708
GDP From Public Administration (TRY THO) 49589248.43 54914657 53778417 51523229 51820765 57330902
GDP From Services (TRY THO) 109370903.90 128238577 104268040 113636369 114292595 133881074

Labour Actual Q4 Q1 Q2 Q3 2022
Unemployment Rate (%) 11.50 12 12.4 12 11.8 11.6
Employed Persons (Thousand ) 29254.00 28750 29000 29200 29450 29100
Unemployed Persons (Thousand ) 3794.00 4150 4220 4290 4120 4080
Labor Force Participation Rate (%) 51.70 51.1 51.5 51.7 51.8 52
Long Term Unemployment Rate (%) 3.50 3 2.9 2.9 2.8 2.8
Youth Unemployment Rate (%) 22.70 22.5 23 22.6 22.4 22.2
Labour Costs (points) 289.59 283 287 291 295 302
Wages (TRY/Month) 3960.00 4750 5600 5600 5600 5600
Wages in Manufacturing (points) 324.26 328 342 366 377 384
Minimum Wages (TRY/Month) 3577.50 3578 4250 4250 4250 4250
Population (Million) 83.61 83.91 84.75 84.75 84.75 84.75
Retirement Age Women 58.00 58 58 58 58 58
Retirement Age Men 60.00 60 60 60 60 60
Employment Rate (%) 45.00 45.6 45.4 45.5 45.6 45.7

Prices Actual Q4 Q1 Q2 Q3 2022
Inflation Rate (%) 19.89 25 22 18.5 17 10.8
Inflation Rate Mom (%) 2.39 1.2 0.6 0.7 0.4 0.5
Consumer Price Index CPI (points) 584.32 631 639 649 668 699
Core Consumer Prices (points) 474.06 453 480 503 514 514
Core Inflation Rate (%) 16.98 12.2 9.5 8.8 8.4 7.5
Producer Prices (points) 780.45 784 735 795 832 859
Producer Prices Change (%) 46.31 38 19.5 14.6 12.2 9.5
Food Inflation (%) 27.41 22.8 16.5 12.2 14 12
CPI Housing Utilities (points) 636.97 668 680 680 729 740
CPI Transportation (points) 579.17 586 590 594 596 599
Harmonised Consumer Prices (points) 223.96 242 245 249 256 268

Money Actual Q4 Q1 Q2 Q3 2022
Interest Rate (%) 15.00 15 15 14.5 14.5 12.5
Interbank Rate (%) 15.38 15.38 15.38 14.88 14.88 12.88
Money Supply M1 (TRY Thousand) 1545916598.40 1815000000 1759000000 1778000000 1842000000 1915000000
Money Supply M2 (TRY Thousand) 4185599275.70 3955000000 3902000000 3937000000 3974000000 4047000000
Banks Balance Sheet (TRY Thousand) 6773944233.00 6749000000 6819000000 6862000000 6913000000 6949000000
Loans to Private Sector (TRY Thousand) 1919018227.00 1862384262 1938215631 1938842269 2005374047 1944329169
Deposit Interest Rate (%) 13.50 13.5 13.5 13 13 11
Private Debt to GDP (%) 173.00 177 175 175 175 175
Lending Rate (%) 16.50 20.5 16.5 16 16 14
Cash Reserve Ratio (%) 23.00 23 23 23 21 21
Central Bank Balance Sheet (TRY Thousand) 1839852798.00 1705000000 1754000000 1825000000 1889000000 1957000000

Trade Actual Q4 Q1 Q2 Q3 2022
Balance of Trade (USD Million) -2547.29 100 -8300 -5200 -5860 -5600
Current Account (USD Million) 1652.00 -2200 -2800 -3200 -2890 -2480
Current Account to GDP (% of GDP) -5.10 -7.4 -3.2 -3.2 -3.2 -3.2
Imports (USD Million) 23327.74 23400 25600 24700 23460 24400
Exports (USD Million) 20780.45 18200 17300 19500 17600 18800
External Debt (USD Million) 446439.00 495000 488000 494000 501200 515000
Capital Flows (USD Million) 4934.00 2850 -1200 -1000 1980 4450
Foreign Direct Investment (USD Million) 264.00 690 850 710 810 750
Tourism Revenues (USD Million) 11395.00 5200 4250 6600 5890 5650
Tourist Arrivals (Persons) 3471540.00 1700000 2110000 2090000 2980000 2110000
Crude Oil Production (BBL/D/1K) 68.00 70 65 69 72 75

Government Actual Q4 Q1 Q2 Q3 2022
Government Debt to GDP (% of GDP) 39.50 45.6 45 45 45 45
Government Budget (% of GDP) -3.40 -7.1 -4.4 -4.4 -4.4 -4.4
Government Budget Value (TRY Billion) -17.41 -42 -37 -16 -22 -31
Government Spending (TRY THO) 63792599.80 82674275 64468379 66280511 66663267 86311944
Government Revenues (TRY Billion) 114.02 78 57 79 94 85
Government Debt (TRY Million) 2268700.00 2070000 2090000 2110000 2100000 2140000
Fiscal Expenditure (TRY Billion) 131.42 120 94 95 116 116

Taxes Actual Q4 Q1 Q2 Q3 2022
Corporate Tax Rate (%) 25.00 25 23 23 23 23
Personal Income Tax Rate (%) 40.00 35 40 40 40 40
Sales Tax Rate (%) 18.00 18 18 18 18 18
Social Security Rate (%) 37.50 37.5 37.5 37.5 37.5 37.5
Social Security Rate For Companies (%) 22.50 22.5 22.5 22.5 22.5 22.5
Social Security Rate For Employees (%) 15.00 15 15 15 15 15

Business Actual Q4 Q1 Q2 Q3 2022
Business Confidence (points) 108.40 107 106 107 108 110
Manufacturing PMI (points) 51.20 52.5 53.6 54.1 54.6 54
Industrial Production (%) 8.90 4.9 3.8 4.4 4 3.6
Industrial Production Mom (%) -1.50 0.5 0.9 1.2 -0.7 0.8
Manufacturing Production (%) 14.20 5.5 4.4 5.4 4.7 3.8
Capacity Utilization (%) 78.10 76.8 77.2 77.4 77.6 77.5
Bankruptcies (Companies) 1599.00 2520 1640 1650 2400 1400
Total Vehicle Sales (Units) 56746.00 95000 62000 75600 97600 102000
Car Production (Units) 108078.00 155400 132000 115900 157900 165500
Car Registrations 85691.00 69000 76000 85900 117500 87000
Leading Economic Index (%) 4.96 5.1 4.4 5.2 4.6 3.8
Mining Production (%) 9.40 5.4 3.6 4 3.6 3

Consumer Actual Q4 Q1 Q2 Q3 2022
Consumer Confidence (points) 71.10 73 83 85 87 89
Retail Sales MoM (%) 1.20 0.5 0.9 1 -0.8 0.7
Retail Sales YoY (%) 15.90 6.2 5.2 4.6 4 3.8
Consumer Spending (TRY THO) 281912681.60 320082142 277025679 292907276 294598752 334165756
Consumer Credit (TRY THO) 966979173.00 892847655 916195741 934753300 999995133 932132952
Private Sector Credit (TRY Thousand) 3136609513.00 3008303634 3134944897 3145072220 3277756941 3140668993
Households Debt To GDP (% of GDP) 17.00 25 29 29 29 29
Economic Optimism Index (points) 101.40 95 104 106 107 105
Gasoline Prices (USD/Liter) 0.82 0.78 0.74 0.7 0.67 0.63

Housing Actual Q4 Q1 Q2 Q3 2022
Housing Index (points) 198.80 199 208 216 220 226
Home Ownership Rate (%) 58.80 59.5 59 59 59 59
New Home Sales (Units) 42639.00 75500 42200 65100 52600 109500
Housing Starts (units) 9689.00 15100 12200 9600 10500 17700
Building Permits 53198.00 91000 85000 72500 64900 98000
Existing Home Sales (Units) 98761.00 122500 98900 146000 120500 145500


Trading Economics provides data for 20 million economic indicators from 196 countries including actual values, consensus figures, forecasts, historical time series and news. Turkey Forecast - was last updated on Sunday, November 28, 2021.