Page 21 - TURKRptNov19
P. 21
all exports of goods and services worth $5.9bn were oil, oil products and natural gas, according to the Federal Customs Service. And the energy deals are still largely in dollars, although state-owned oil major Rosneft said earlier this month that it wants to start settling export deals in local currencies.
However, Turkish companies exporting goods and services to Russia are largely paid in rubles. Total imports of goods and services from Turkey amounted to $5.1bn in dollar terms for the first half of this year of which 39.7% was settled in dollars, 32.8% in rubles, and 25.7% in euros.
More than half of Turkish exports to Russia is the provision of services – mainly holidays – however, most Russian tour operators charge their Russian clients in euros, and the holidaymakers themselves also use euros in Turkey rather than rubles, which have a poor exchange rate in Turkey.
Hungary to buy Turkish arms through PM's allies. The Hungarian army is buying armored vehicles from Turkey's Nurol Makina through an intermediary that has links to Prime Minister Viktor Orban, local media reported on October 22. The value of the transaction is around HUF3.5bn (€10.6mn).
3.0 Macro Economy
Main Macro Indicators
2013
2014
2015
2016
2017
2018
Q1
Q2
Q3
Q4
GDP Growth (y/y)
8.5
5.2
6.1
3.2
7.5
2.8
-2.4
-1.5
-
-
GDP (per capita, $)
12,395
12,022
10,915
10,817
10,537
9,346
-
-
-
-
GDP (current prices, TRYbn)
1,810
2,044
2,339
2,609
3,111
3,724
921
1024
-
-
GDP (current prices, $bn)
950
934
859
863
852
766
172
175
-
-
CPI (%, eop) (latest: Oct)
7.4
8.2
8.8
8.5
11.9
20.3
19.7
15.7
9.3
8.6
Population (mn)
76.7
77.7
78.7
79.8
80.8
82.0
-
-
-
-
Unemployment (%, eop) (Jul)
9.0
9.9
10.3
10.9
10.9
11.0
14.1
13.0
13.9
-
CA Balance ($bn) (Jul-Aug)
-63.6
-43.6
-32.1
-33.1
-47.3
-27.0
-1.66
-1.07
3.74
-
Budget Balance (TRYbn)
-18.5
-22.7
-23.5
-29.9
-47.8
-72.6
-36.16
-42.4
-7.2
-
source: imf, tuik, treasury, central bank
3.1 Macroeconomic overview
21 TURKEY Country Report November 2019 www.intellinews.com
