Markets Actual Q2 Q3 Q4 Q1 2023
Currency 16.89 18.28 19.28 20.34 21.46 23.89
Stock Market (points) 2554.08 2417 2305 2199 2098 1909
Government Bond 10y (%) 18.66 19.25 19.74 20.25 20.77 21.84

Overview Actual Q2 Q3 Q4 Q1 2023
GDP Growth Rate (%) 1.20 1.1 0.8 0.7 0.9 0.9
GDP Annual Growth Rate (%) 7.30 3.8 4.5 4.4 3.6 4
Unemployment Rate (%) 11.30 12 11.8 11.6 11.7 11.1
Inflation Rate (%) 73.50 78 70 65 50 30
Inflation Rate Mom (%) 2.98 3.7 0.9 0.5 0.7 0.7
Interest Rate (%) 14.00 14 14 14 14 14
Balance of Trade (USD Million) -6110.00 -4200 -4860 -2600 -2600 -3500
Current Account (USD Million) -2737.00 -3200 -2890 -2480 -2480 -3200
Current Account to GDP (% of GDP) -1.70 -6.5 -6.5 -6.5 -4.5 -4.5
Government Debt to GDP (% of GDP) 42.00 45 45 45 43 43
Government Budget (% of GDP) -2.70 -5.5 -5.5 -5.5 -5 -5
Business Confidence (points) 106.40 109 108 108 109 106
Manufacturing PMI (points) 49.20 49 50.6 51.5 53 54.6
Consumer Confidence (points) 63.40 68.3 77 84 89 95
Retail Sales MoM (%) 2.10 1 -0.8 0.7 0.7 0.7
Corporate Tax Rate (%) 23.00 23 23 23 23 23
Personal Income Tax Rate (%) 40.00 40 40 40 40 40

GDP Actual Q2 Q3 Q4 Q1 2023
GDP Growth Rate (%) 1.20 1.1 0.8 0.7 0.9 0.9
GDP Annual Growth Rate (%) 7.30 3.8 4.5 4.4 3.6 4
GDP (USD Billion) 720.10 690 690 690 750 750
GDP Constant Prices (TRY THO) 467282918.80 486438919 561314850 584286347 484105104 607657801
Gross Fixed Capital Formation (TRY THO) 114601001.30 127119692 135528893 140656052 118726637 146282294
GDP per capita (USD) 12035.03 12600 12600 12600 13400 13400
GDP per capita PPP (USD) 28384.99 28600 28600 28600 29200 29200
Full Year GDP Growth (%) 11.00 1.5 1.5 1.5 3.4 3.4
GDP From Agriculture (TRY THO) 12015505.00 19667129 60587838 29159670 12448063 30326056
GDP From Construction (TRY THO) 22651317.80 30137207 31117345 25201366 23466765 26209420
GDP From Manufacturing (TRY THO) 85834277.90 85434034 87410700 100282695 88924312 104294002
GDP From Public Administration (TRY THO) 52926951.58 51877959 53884440 56625063 54832322 58890066
GDP From Services (TRY THO) 112207821.40 113735862 135343364 146054034 116247303 151896195

Labour Actual Q2 Q3 Q4 Q1 2023
Unemployment Rate (%) 11.30 12 11.8 11.6 11.7 11.1
Employed Persons (Thousand ) 30371.00 29500 29450 29470 29550 29800
Unemployed Persons (Thousand ) 3853.00 4090 4120 4080 3970 3850
Labor Force Participation Rate (%) 53.10 51.7 51.8 52 52.2 52.6
Long Term Unemployment Rate (%) 3.50 2.9 2.8 2.8 3.7 2.5
Youth Unemployment Rate (%) 21.00 21.5 21.3 21.1 21.2 21.2
Labour Costs (points) 385.11 312 320 327 336 345
Wages (TRY/Month) 3960.00 5600 5600 5600 6300 6300
Wages in Manufacturing (points) 451.09 366 377 384 389 402
Minimum Wages (TRY/Month) 5008.50 5008 5008 5008 6700 6700
Population (Million) 84.68 84.75 84.75 84.75 85.88 85.88
Retirement Age Women 58.00 58 58 58 58 58
Retirement Age Men 60.00 60 60 60 60 60
Employment Rate (%) 46.50 45.8 45.6 45.7 45.9 46.3

Prices Actual Q2 Q3 Q4 Q1 2023
Inflation Rate (%) 73.50 78 70 65 50 30
Inflation Rate Mom (%) 2.98 3.7 0.9 0.5 0.7 0.7
Consumer Price Index CPI (points) 931.76 975 970 1133 1265 1474
Core Consumer Prices (points) 703.60 610 612 702 774 790
Core Inflation Rate (%) 56.04 32 29 25 19 12.5
Producer Prices (points) 1548.01 1214 1169 1482 1798 1853
Producer Prices Change (%) 132.16 75 57.6 45 36 25
Food Inflation (%) 91.60 51.2 49.5 42 36 25
Producer Price Inflation MoM (%) 8.76 2.9 2.2 1.5 1.6 0.7
Harmonised Consumer Prices (points) 357.06 373 372 434 485 565
CPI Housing Utilities (points) 927.17 1021 1059 1133 1266 1473
CPI Transportation (points) 1132.57 1174 1185 1191 1199 1208

Money Actual Q2 Q3 Q4 Q1 2023
Interest Rate (%) 14.00 14 14 14 14 14
Interbank Rate (%) 15.63 15.63 15.63 15.63 15.63 15.63
Money Supply M1 (TRY Thousand) 2477149623.70 1678000000 1742000000 1915000000 1915000000 2015000000
Money Supply M2 (TRY Thousand) 6158878600.90 4437000000 4574000000 4547000000 4547000000 4557000000
Banks Balance Sheet (TRY Thousand) 10140316743.00 6862000000 6913000000 6949000000 6949000000 7229000000
Loans to Private Sector (TRY Thousand) 2788682572.00 1936976203 2005374047 2505707514 2796875647 2605935815
Deposit Interest Rate (%) 12.50 12.5 12.5 12.5 12.5 12.5
Cash Reserve Ratio (%) 25.00 27 27 25 23 19
Central Bank Balance Sheet (TRY Thousand) 2958087328.00 1825000000 1889000000 1957000000 1957000000 2157000000
Private Debt to GDP (%) 173.00 175 175 175 175 171
Lending Rate (%) 15.50 15.5 15.5 15.5 15.5 15.5

Trade Actual Q2 Q3 Q4 Q1 2023
Balance of Trade (USD Million) -6110.00 -4200 -4860 -2600 -2600 -3500
Current Account (USD Million) -2737.00 -3200 -2890 -2480 -2480 -3200
Current Account to GDP (% of GDP) -1.70 -6.5 -6.5 -6.5 -4.5 -4.5
Imports (USD Million) 29480.00 23700 22460 21400 21400 23100
Exports (USD Million) 23368.00 19500 17600 18800 18800 19600
External Debt (USD Million) 441064.00 494000 501200 515000 515000 525000
Capital Flows (USD Million) -7357.00 -1000 1980 4450 4450 5540
Foreign Direct Investment (USD Million) 290.00 710 810 750 750 880
Tourism Revenues (USD Million) 5450.00 6600 5890 5650 5650 6200
Tourist Arrivals 3824555.00 2699653 3714397 2045655 1693790 2110000
Crude Oil Production (BBL/D/1K) 63.00 69 72 75 75 75

Government Actual Q2 Q3 Q4 Q1 2023
Government Debt to GDP (% of GDP) 42.00 45 45 45 43 43
Government Budget (% of GDP) -2.70 -5.5 -5.5 -5.5 -5 -5
Government Budget Value (TRY Billion) 143.98 -16 -22 -32 -31 -21
Government Spending (TRY THO) 60418420.00 65687721 71913734 79157760 62593483 82324070
Government Revenues (TRY Billion) 317.75 79 94 85 85 96
Government Debt (TRY Million) 3363604.00 2944400 2944400 2944400 2944400 2944400
Fiscal Expenditure (TRY Billion) 173.78 95 116 116 116 117

Taxes Actual Q2 Q3 Q4 Q1 2023
Corporate Tax Rate (%) 23.00 23 23 23 23 23
Personal Income Tax Rate (%) 40.00 40 40 40 40 40
Sales Tax Rate (%) 18.00 18 18 18 18 18
Social Security Rate (%) 34.50 34.5 34.5 34.5 34.5 34.5
Social Security Rate For Companies (%) 20.50 20.5 20.5 20.5 20.5 20.5
Social Security Rate For Employees (%) 14.00 14 14 14 14 14

Business Actual Q2 Q3 Q4 Q1 2023
Business Confidence (points) 106.40 109 108 108 109 106
Manufacturing PMI (points) 49.20 49 50.6 51.5 53 54.6
Industrial Production (%) 10.80 4.4 4 3.6 3.6 3.2
Industrial Production Mom (%) 0.00 1.2 -0.7 0.8 0.8 0.8
Manufacturing Production (%) 11.89 5.4 4.7 3.8 3.8 3.8
Capacity Utilization (%) 77.60 78.2 77.6 77.4 77.6 78
Bankruptcies (Companies) 2054.00 1650 2400 1400 1400 1150
Total Vehicle Sales (Units) 65167.00 75600 97600 102000 102000 108000
Car Production (Units) 103984.00 101900 112710 130574 118956 124787
Car Registrations 118974.00 85900 117500 87000 87000 98000
Leading Economic Index (%) 6.34 5.2 4.6 3.8 3.8 3.8
Mining Production (%) 7.36 4 3.6 3 3 3

Consumer Actual Q2 Q3 Q4 Q1 2023
Consumer Confidence (points) 63.40 68.3 77 84 89 95
Retail Sales MoM (%) 2.10 1 -0.8 0.7 0.7 0.7
Retail Sales YoY (%) 14.70 4.6 2 1.8 3.1 3.8
Consumer Spending (TRY THO) 309765624.30 293570723 338701395 379045137 320917187 394206942
Consumer Credit (TRY THO) 1177014850.00 933853634 999995133 1076222781 1124472672 1119271693
Private Sector Credit (TRY Thousand) 4287047966.00 3142045202 3277756941 3863363721 4294458652 4017898270
Gasoline Prices (USD/Liter) 1.53 1.58 1.64 1.7 1.76 1.76
Economic Optimism Index (points) 96.70 92.5 99 105 103 102
Households Debt To GDP (% of GDP) 15.50 29 29 29 29 32

Housing Actual Q2 Q3 Q4 Q1 2023
Housing Index (points) 383.10 216 220 226 226 245
Existing Home Sales (Units) 96637.00 146000 120500 145500 145500 168500
Building Permits 57901.00 72500 55900 98000 98000 111000
Home Ownership Rate (%) 57.90 59 59 59 59 58.6
Housing Starts (units) 9367.00 9600 10500 17700 17700 19500
New Home Sales (Units) 36421.00 65100 52600 109500 109500 109500


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, June 26, 2022.