Page 19 - TURKRptFeb21

4.5.3 Retail sector dynamics
Credit and debit card expenditure in Turkey grew 13% y/y to Turkish lira (TRY) 1.06 trillion ($145bn) in 2020.
The growth rate was below the official annual inflation rate of 15% as well as the 37% alternative inflation rate compiled by academics and the year’s 25% depreciation of the lira against the USD.
Nevertheless, the number of card transactions rose 4% y/y to six billion in 2020.
E-commerce volume in card payments grew 40% y/y to TRY266bn while transactions were up 44% y/y to 875mn.
In Q3, card payments in Turkey, a gauge for private consumption in the country, rose by 18% y/y to TRY294bn while official private consumption in GDP data based on current prices rose 24% y/y to TRY813bn, equivalent to 57% of the overall GDP value of TRY1.42 trillion at current prices.
The figures are not adjusted according to price increases.
As of end-September, there were 74mn credit cards and 181mn debit cards in use in the country, according to the latest data from Turkey’s Interbank Card Center (BKM).
Turkey’s population officially stands at 83mn, excluding migrants.
Combined sales of refrigerators, deep freezers, washing machines, dryers, dishwashers and ovens rose 17% to 7.8mn in 2020. Production level rose 3% y/y in 2020 to 29.2mn units. Exports gained slightly to 22mn units.
Card expenditures in Turkey
TRYbn
y/y
E-commerce
y/y
Official CPI
USD/TRY (eop)
y/y
2016
618
12%
76
31%
9%
3.5
21%
2017
701
13%
103
36%
12%
3.8
7%
2018
850
21%
150
46%
20%
5.3
40%
2019
939
11%
190
27%
12%
5.9
12%
2020
1,062
13%
266
40%
15%
7.4
25%
5.0 External Sector & Trade
5.1 Balance of payments, current account
5.1.1 Import/export dynamics
Turkey's trade deficit expanded by 69% y/y to $50bn in 2021 according to the general trade system, data from the trade ministry showed on January 5.
Imports moved up 4% to $219bn while exports declined by 6% to $170bn. Turkey’s machinery exports declined by 4.5% y/y to $17.1bn in 2020.
19 TURKEY Country Report February 2021 www.intellinews.com