Page 20 - TURKRptJun22

3.0 Macro Economy
Main Macro Indicators
GDP Growth (y/y, %)
Electricity Consumption (y/y, May 29)
Employed (active, mn)
Population (mn)
GDP (per capita, $)
GDP (current, TRYbn)
GDP (current prices, $bn)
Inflation (y/y, %, eop, May)
Lira-loans (%, y/y, May 27)
Policy Rate (%, active, eop)
CA Balance ($bn)
CA Balance/GDP (%)
Budget (TRYbn, Apr)
Budget Balance/GDP (%)
USD/TRY (eop, Jun 4)
2019
0.9
-0.6
26.7
83.2
9,127
4,318
760
11.8
13.9
11.4
1.67
0.2
-124
-2.9
5.95
2020
1.8
0.2
24.1
83.6
8,599
5,047
717
14.6
43.3
17.0
-35.5
-173
7.44
Q1-21
7.3
5.7
25.8
-
-
1,393
189
16.2
34.4
19.0
-7.5
-4.0
23
1.6
8.24
Q2
21.9
25.8
26.6
-
-
1,586
189
17.5
17.5
19.0
-5.9
-3.1
-55
-3.5
8.70
Q3
7.5
11.6
27.1
-
-
1,915
225
19.6
13.7
18.0
2.2
1.0
-29
-1.5
8.89
Q4
9.1
8.9
28.6
-
-
2,314
199
36.1
20.4
14.0
-3.7
-1.8
-131
-5.7
13.3
2021
11.0
12.4
27.0
84.7
9,539
7,209
803
36.1
20.4
14.0
-14.9
-1.9
-192
-2.7
13.3
Q1-22
7.3
4.8
27.9
-
-
2,496
180
61.1
33.2
14.0
-18.1
-10.1
30.8
1.2
14.7
Q2
-
0.1
-
-
-
-
-
73.5
49.0
14.0
-
-5.0
-
-50.2
-3.4
-
16.4
Turkey’s gross domestic product (GDP) officially grew 7.3% y/y in Q1, the Turkish Statistical Institute (TUIK or TurkStat) said on May 31.
On April 27, Turkey’s finance minister Nurettin Nebati said that initial indicators suggested Turkey’s official GDP growth for Q1 would be posted at around 6-7%.
For 2022 as a whole, the lowest forecast from officials so far stands at 5%, as has become usual with the Erdogan administration in recent years.
The “public bidding” will commence right up to the release date for GDP growth in 2022 in March 2023. Provided Turkey’s president Recep Tayyip Erdogan remains sat on the throne.
Avoid planning, pricing and making inferences based on TUIK data.
Despite the eased monetary conditions since February, economic activity has not responded positively. And Turkey's big export market Europe has also endured a slowdown since the beginning of 2022.
Economic activity in the country has no connection with Turkey’s official GDP growth.
20 TURKEY Country Report June 2022 www.intellinews.com