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                    $4.4bn​.
Turkey's state gas grid operator Botas has ​opened​ a tender for a gas
pipeline to supply Azerbaijan’s exclave of Nakhchivan​.
Turkey’s air force has ​conducted​ airstrikes against Kurdish separatists in northern Iraq, highlighting another front where Ankara is busy giving an impression of military might while the Turkish economy teeters on the edge of absolute crisis​.
Turkey ​was​ ‘in the wars’ again on June 17,​ seemingly linking up with Iran to secure some extra artillery fire as it launched a major joint air and ground operation against Kurdish insurgent militants over the border in northern Iraq, and denying a French claim that it harassed a French warship on a Nato mission as “completely untrue”.
Inside Turkey, the government has continued its crackdown on Kurdish politicians, activists and sympathisers it accuses of links to the PKK. It has replaced almost all pro-Kurdish mayors in the southeast of the country with government appointees.
    3.0​ ​Macro Economy
   Main Macro Indicators
     2015
   2016
   2017
   2018
   Q1
   Q2
   Q3
   Q4
 2019
  Q1
    Q2
   GDP Growth (y/y)
      6.1
    3.2
    7.5
    2.8
    -2.3
    -1.6
    1.0
    6.0
 0.9
   4.5
     -
   GDP (per capita, $)
      10,915
    10,817
    10,537
    9,346
    -
    -
    -
    -
 9,127
   -
     -
   GDP (current, TRYbn)
      2,339
    2,609
    3,111
    3,724
    922
    1,023
    1,146
    1,190
 4,280
   1,071
     -
 GDP (current prices, $bn)
  859
     863
      852
      766
    172
    174
     202
      206
    754
    176
  -
 CPI (%, eop, May)
    8.8
 8.5
 11.9
 20.3
 19.7
 15.7
 9.3
 11.8
11.8
 11.9
   11.4
   Lira-loans (%, y/y, May 22)
      14.4
    12.3
    24.9
    1.8
    3.0
    -0.5
    4.0
    13.9
 13.9
   19.1
     38.6
   Policy Rate (%, eop, active)
      8.8
    8.3
    12.8
    24.1
 25.5
      23.9
    16.3
    11.4
    11.4
 9.3
     7.5
 Population (mn)
  78.7
     79.8
      80.8
      82.0
    -
    -
     -
      -
      83.2
    -
    -
 Unemployment (%, eop)
    10.3
 10.9
 10.9
 11.0
 14.1
 13.0
 13.8
 13.7
13.7
 13.8
   -
   CA Balance ($bn, Apr)
      -32.4
    -31.5
    -46.6
    -28.3
    -1.88
    -1.29
    5.92
    -1.07
 1.67
   -7.64
     -5.1
   CA Balance/GDP (%)
      -3.8
    -3.6
    -5.5
    -3.7
 -1.1
      -0.7
    2.9
    -0.5
    0.2
 -4.3
     -
 Budget (TRYbn, Apr)
  -23.5
     -29.9
      -47.8
      -72.6
    -36.16
    -42.4
     -7.2
      -37.9
      -123.7
    -29.6
    -43.2
 Budget Balance/GDP (%)
    -1.0
 -1.1
 -1.5
 -1.9
 -3.9
 -4.1
 -0.6
 -3.2
-2.9
 -2.8
   -
 USD/TRY (eop, Jun 25)
  2.92
    3.53
     3.79
     5.29
     5.56
     5.79
     5.65
     5.95
   5.95
   6.61
  6.86
    source: imf, tuik, treasury, central bank
               Turkey ​was​ the fastest growing OECD country in Q1 and in April.
“Lira weakness pushed up prices in the country,” bringing the annual inflation
rate to 11.4% in May from 10.9% in April.
Just 0.5pp and even the finance industry trolls start complaining about booming prices? The finance industry and the government trolls appear to have concluded that Turks are muttonheads who do not grasp that inflation has been falling due to some ‘high-level mathematics’ while prices were
20​ TURKEY Country Report​ July 2020 ​ ​www.intellinews.com
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