Turkish economy

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Turkey's consumer confidence remains unchanged in December

Turkey's consumer confidence remains unchanged in December

Consumer confidence in the Turkish economy in December stood at the same level with the previous month, the country's statistical authority announced on Monday. The consumer confidence index was 80.1 this month, the Turkish …

Turkey's external assets at $227.1B in October

Turkey's external assets at $227.1B in October

Turkey's external assets amounted to $227.1 billion as of Oct. 31, down 10.4% from the end of last year, the Turkish Central Bank announced Friday. The country's liabilities against non-residents during the same period also fell …

New company launches leap in November in Turkey

New company launches leap in November in Turkey

The number of newly established companies in Turkey jumped 12% year-on-year in November, the country's top trade body said on Friday. A Union of Chambers and Commodity Exchanges of Turkey (TOBB) report showed 8,669 companies were …

Turkey's budget balance posts $19B deficit in Jan-Nov

Turkey's budget balance posts $19B deficit in Jan-Nov

The Turkish central government posted a budget deficit of 132.5 billion Turkish liras ($19 billion) in January-November, the Treasury and Finance Ministry said Tuesday. The data showed that the reading widened 42.1% compared to the same …

Turkey: Record hazelnut exports rise 27.5%

Turkey: Record hazelnut exports rise 27.5%

Turkey's hazelnut exports rose 27.5% to reach 343,561 tons from September 2019 to August 2020 year-on-year – a new record – a regional trade union announced Wednesday, Amadolu agency reports. The Black Sea Hazelnut and …

Turkey's exports hit $12.5 bln in August

Turkey's exports hit $12.5 bln in August

Turkey's exports reached $12.5 billion in August, decreasing 5.7% from the same month last year, the Trade Ministry announced on Sept. 2, Hurriyet daily news reports. Turkish imports boosted 20.6% to $18.8 …

Turkey: Central Bank keeps interest rates steady

Turkey: Central Bank keeps interest rates steady

The Turkish Central Bank on Thursday kept its one-week repo rate – also known as the policy rate – constant at 8.25%, holding it unchanged for the third straight month, Anadolu agency reports. The decision was announced in a …

Turkey’s mining industry sets sights on $5B export goal

Turkey’s mining industry sets sights on $5B export goal

Turkey's mining industry aims to reach $5 billion in exports this year via digital marketing and other technical tools, according to Aydın Dinçer, head of the Istanbul Mineral Exporters' Association (İMİB), Daily Sabah reports. …

Erdogan calls on to dump dollars and use lira

Erdogan calls on to dump dollars and use lira

Turkish President Recep Tayyip Erdogan called on citizens to use the Turkish lira instead of the U.S. dollar in transactions. “Leave the dollar and the rest. Let’s turn to our money, the Turkish lira. …

IMF raises Turkey growth forecast

IMF raises Turkey growth forecast

The IMF sharply increased its forecast for Turkey’s economic growth this year but warned the prospects of a sustainable recovery from last year’s currency crisis have dimmed. In a concluding statement published after an …

Azerbaijan and Turkey increase trade turnover

Azerbaijan and Turkey increase trade turnover

In June 2019, the trade turnover between Turkey and Azerbaijan increased by $644.300 million, compared to June 2018, and amounted to $789.259 million, a source in the Ministry of Commerce of Turkey said. "In June 2019, …

Moody's downgrades Turkey rating to B1

Moody's downgrades Turkey rating to B1

Moody's Investors Service cut Turkey’s sovereign credit rating to B1 from Ba3 and maintained a negative outlook, the rating company said in a statement. The agency noted that the risk of a balance of payments crisis …