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French President Emmanuel Macron on June 14 urged Turkey to stop "illegal activities" in Cyprus's exclusive economic zone, where Ankara has sent a drill ship with a naval escort.
Turkey stepped up its confrontation with Cyprus and the European Union over Eastern Mediterranean natural gas and oil resources on June 20 by launching a second drilling ship.
EU draft communique outlines freeze on modernising customs union with Turkey in response to Cyprus drilling: report. EU governments are working on plans to freeze negotiations over the modernisation of the customs union between the bloc and Turkey in response to Ankara pushing ahead with drilling activities in what Cyprus says is its exclusive economic zone in the Eastern Mediterranean, according to a draft communique seen by Bloomberg. The document also describes how EU member states will reiterate to Turkey that its accession negotiations have come to a standstill and will signal that further escalation in the bloc’s response to the drilling is possible as the EU “stands ready to respond appropriately and in full solidarity with Cyprus” if drilling activity continues, the news agency added in a June 17 report. The statement was due to be approved by the EU’s European affairs ministers on June 18.
Turkey’s “insolence” warnings fail to deter Cyprus from issuing arrest warrants for Turkish drill ship crew. Despite statements from Turkey that it would be guilty of “insolence” if it issued arrest warrants for the crew of a Turkish drill ship, Cyprus went ahead and did just that on June 13.
3.0 Macro Economy
Turkey - Main Macro Indicators
2013
2014
2015
2016
2017
2018
Q1
Q2
GDP Growth (y/y)
8.49
5.17
6.09
3.18
7.44
2.57
-2.62
GDP (per capita, $)
12,395
12,022
10,915
10,817
10,537
9,346
8,507
8,507
GDP (current prices, TRYbn)
1,810
2,044
2,339
2,609
3,107
3,701
915
-
GDP (current prices, $bn)
950
934
859
863
852
766
-
-
CPI Inflation (%) (as of May)
7.4
8.2
8.8
8.5
11.9
20.3
19.7
18.7
Population (mn)
76.7
77.7
78.7
79.8
80.8
82.0
-
-
Unemployment Rate (%)
9.0
9.9
10.3
10.9
10.9
11.0
14.1
-
CA Deficit (USD bn) (Jan-May)
-63.6
-43.6
-32.1
-33.1
-47.3
-27.8
-1.94
-3.33
Budget Deficit (TRYbn) (Jan-May)
-18.5
-22.7
-23.5
-29.9
-47.8
-72.6
-36.2
-66.5
source: imf, tuik, treasury, central bank
21 TURKEY Country Report July 2019 www.intellinews.com
