Turkish economy: Timely reporting and analysis of economic developments in Turkey with all its structural problems, as one of world’s 20 biggest economies
Turkey and Russia reached a deal over the disputed Akkuyu Nuclear Power Plant project to be constructed in Southern Turkey, Turkish media reported on Sep. 17. “A deal has been reached regarding Akkuyu,“ Turkey’s President Tayyip Erdoğan was quoted as telling reporters following a visit to Uzbekistan for the Shanghai Summit. Erdoğan had a meeting
On September 12, two essential data for July were announced: Labor force and balance of payments. In summary, the situation is like this: The unemployment rate is still at a high level, in particular, the broadly defined unemployment rate is referred to as the ‘underutilized labor rate.’ On the other hand, the current account deficit
When the construction of Akkuyu Nuclear Power Plant, which the Russians were building in Turkey, came to a standstill, the issue came to the table during the meeting of President Recep Tayyip Erdoğan with Russian President Vladimir Putin at their August-5 Sochi meeting, but it could not be resolved. Erdoğan met with the officials of
Turkey’s inflation continues to rise as the data published by the Turkish Statistical Institute (TURKSTAT) the Consumer Price Index (CPI) has surged to 80,21 percent annually with a 1,46 percent rise in August, the highest inflation recorded in the country in 24 years. According to TURKSTAT figures, in August 2022, CPI increased by 1.46 percent
Turkey’s Finance and Treasury Minister Nureddin Nebati told industrialist and business circles on Aug. 26 that “there is no point concerning” about US Deputy Secretary of the Treasury’s warning which stated that pursuing business with sanctioned Russians will also cause secondary sanctions. “There is no point the letter that is conveyed to the Turkish business
The Central Bank of the Republic of Turkey (CBRT) Monetary Policy Committee (PPK) convened on August 18 and lowered the policy rate by 100 basis points from 14 percent to 13 percent. This interest rate cut was a big surprise even for us who are skeptical of various ongoing incredible things in our beautiful country.
The Central Bank of the Turkish Republic (CBRT) lowered the policy rate from 14 percent to 13 percent amid surging inflation and currency crisis. The CBRT decided to lower the long been steady 14 percent policy interest rate to 13 percent after the Monetary Policy Board meeting on Aug. 18. “The Board evaluated that the
Turkish inflation keeps soaring as the latest data announced by the Turkish Statistical Institute (TÜİK) indicate a 79,6 percent annual rise in the Consumer Price Index and 144,6 percent rise in the Producer Price Index. The number is the highest inflation recorded in Türkiye in 24 years since 1998. According to TÜİK a change in
The cargo ship carrying 26 thousand tonnes of corn left Ukraine’s port of Odesa on Aug. 1 as the first shipment within the framework of the grain export deal signed under UN auspices and Türkiye’s guarantorship. Sierra Leone-flagged Razoni left the Black Sea Port at 9:48 AM local time, Ukraine’s ministry of infrastructure announced on
Do you know what would have happened if Russia’s Rosatom, the Akkuyu Nuclear Power Plant’s subsidiary, had not suddenly announced on July 29 that it had terminated the contract with the Turkish partner IC İçtaş for the construction of the plant? President Tayyip Erdoğan would return from Sochi, where he will meet with Russian President