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development.
The statistics institute TUIK (or Turkstat) will release Turkey’s official GDP figures for 2020 on March 1.
The order for 2021 currently stands at 5%. Forecasts will converge to the order to the statistics institute.
4.0 Real Economy 4.1 Industrial production
Electricity consumption in Turkey rose by just 0.14% y/y to 290.9 TWh in 2020 from 290.5 TWh in 2019.
Electricity consumption is seen as one of the more reliable gauges for economic activity in the country.
Turkey’s industrial production index was officially up 10% y/y in October and 11% y/y in November.
4.2 Inflation
The Turkish Statistical Institute (TUIK, or Turkstat) on December 3 surprised the market by announcing that official annual inflation reached 14.03% y/y in November, compared to the forecasts for between 12.3% and 13.08% made in a Reuters poll with a median estimate of 12.6%.
Official inflation rose to 14.6% y/y in December.
The Inflation Research Group (ENAG), led by Istanbul academics, data showed that the rate was at 36.72% in December.
15 TURKEY Country Report February 2021 www.intellinews.com
