Markets Actual Q4 Q1 Q2 Q3 2023
Currency 18.63 19.54 20.53 21.57 22.67 25.04
Stock Market (points) 4872.94 4615 4368 4136 3915 3509
Government Bond 10Y (%) 10.65 11.03 11.43 11.84 12.27 13.17

Overview Actual Q4 Q1 Q2 Q3 2023
GDP Growth Rate (%) 2.10 0.3 0.7 0.7 0.7 0.9
GDP Annual Growth Rate (%) 7.60 4.4 3.6 3.6 3.6 4
Unemployment Rate (%) 10.10 12 12.3 12.7 13.2 13.7
Inflation Rate (%) 85.51 90 60 42 36.8 29.6
Inflation Rate MoM (%) 3.54 0.5 0.7 0.7 0.7 0.7
Interest Rate (%) 9.00 9 9 9 9 10
Balance of Trade (USD Million) -8010.00 -2600 -2600 -2600 -2600 -3500
Current Account (USD Million) -2966.00 -2480 -2480 -2480 -2480 -3650
Current Account to GDP (% of GDP) -1.70 -6.5 -4.5 -4.5 -4.5 -3.9
Government Debt to GDP (% of GDP) 42.00 45 43 43 43 43
Government Budget (% of GDP) -2.70 -5.5 -5 -5 -5 -5
Business Confidence (points) 97.90 108 109 110 110 106
Manufacturing PMI (points) 46.40 51.5 53 54.1 54.1 54.6
Consumer Confidence (points) 76.60 84 89 92 92 95
Retail Sales MoM (%) 1.80 -0.4 -0.2 0.5 0.9 0.7
Corporate Tax Rate (%) 23.00 23 23 23 23 23
Personal Income Tax Rate (%) 40.00 40 40 40 40 40

GDP Actual Q4 Q1 Q2 Q3 2023
GDP Growth Rate (%) 2.10 0.3 0.7 0.7 0.7 0.9
GDP Annual Growth Rate (%) 7.60 4.4 3.6 3.6 3.6 4
GDP (USD Billion) 815.27 840 750 750 750 900
GDP Constant Prices (TRY THO) 506475840.50 584286347 484105104 524708971 524708971 607657801
Gross Fixed Capital Formation (TRY THO) 128824777.70 140656052 118726637 133462470 133462470 146282294
GDP per Capita (USD) 13250.66 12600 13400 13400 13400 13400
GDP per Capita PPP (USD) 31252.08 28600 29200 29200 29200 29200
Full Year GDP Growth (%) 11.40 5.1 3.2 3.2 3.2 3.2
GDP from Agriculture (TRY THO) 18201631.00 29159670 12448063 18856890 18856890 30326056
GDP from Construction (TRY THO) 26168328.50 25201366 23466765 27110388 27110388 26209420
GDP from Manufacturing (TRY THO) 90387523.00 100282695 88924312 93641474 93641474 104294002
GDP from Public Administration (TRY THO) 50786271.77 56625063 54832322 52614578 52614578 58890066
GDP from Services (TRY THO) 130198322.10 146054034 116247303 134885462 134885462 151896195

Labour Actual Q4 Q1 Q2 Q3 2023
Unemployment Rate (%) 10.10 12 12.3 12.7 13.2 13.7
Employed Persons (Thousand ) 30867.00 29470 29550 29550 29550 29800
Unemployed Persons (Thousand ) 3482.00 4080 3970 3970 3970 3850
Labor Force Participation Rate (%) 52.90 53.6 53.8 53.6 53.7 53.8
Long Term Unemployment Rate (%) 3.50 5.4 5.7 6.1 6.6 7.1
Youth Unemployment Rate (%) 18.00 20.4 20.7 21.1 21.6 22.1
Labour Costs (points) 554.34 327 336 336 336 345
Wages (TRY/Month) 3960.00 5600 6300 6300 6300 6300
Wages in Manufacturing (points) 643.19 384 389 389 389 402
Minimum Wages (TRY/Month) 6471.00 5008 6700 6700 6700 6700
Population (Million) 84.68 84.75 85.88 85.88 85.88 86.5
Retirement Age Women 58.00 58 58 58 58 58
Retirement Age Men 60.00 60 60 60 60 60
Employment Rate (%) 47.60 45.7 45.9 45.9 45.9 46.3

Prices Actual Q4 Q1 Q2 Q3 2023
Inflation Rate (%) 85.51 90 60 42 36.8 29.6
Inflation Rate MoM (%) 3.54 0.5 0.7 0.7 0.7 0.7
Consumer Price Index CPI (points) 1084.00 1305 1350 1389 1432 1692
Core Consumer Prices (points) 822.48 983 1093 1163 1203 1396
Core Inflation Rate (%) 70.45 75 68 60 51 42
Producer Prices (points) 2011.13 2453 2908 3140 3096 3803
Producer Prices Change (%) 157.69 140 120 90 66 55
Food Inflation (%) 99.05 80 60 46 46 25
Producer Price Inflation MoM (%) 7.83 1.5 1.6 1.6 1.6 0.7
CPI Housing Utilities (points) 1179.49 1305 1351 1426 1573 1691
CPI Transportation (points) 1257.64 1264 1273 1282 1291 1300
Harmonised Consumer Prices (points) 415.33 500 517 532 549 648

Money Actual Q4 Q1 Q2 Q3 2023
Interest Rate (%) 9.00 9 9 9 9 10
Money Supply M1 (TRY Thousand) 2923111679.30 1915000000 1915000000 1915000000 1915000000 2015000000
Interbank Rate (%) 15.63 15.63 15.63 15.63 15.63 16.63
Money Supply M2 (TRY Thousand) 7729695771.50 4547000000 4547000000 4547000000 4547000000 4557000000
Banks Balance Sheet (TRY Thousand) 12660650078.00 6949000000 6949000000 6949000000 6949000000 7229000000
Loans to Private Sector (TRY Thousand) 3430682650.00 2505707514 2796875647 3250804163 3554187225 2605935815
Deposit Interest Rate (%) 7.50 7.5 7.5 7.5 7.5 8.5
Cash Reserve Ratio (%) 25.00 25 23 23 23 19
Central Bank Balance Sheet (TRY Thousand) 3290051861.00 1957000000 1957000000 1957000000 1957000000 2157000000
Private Debt to GDP (%) 184.50 175 175 175 175 171
Lending Rate (%) 10.50 10.5 10.5 10.5 10.5 11.5

Trade Actual Q4 Q1 Q2 Q3 2023
Balance of Trade (USD Million) -8010.00 -2600 -2600 -2600 -2600 -3500
Current Account (USD Million) -2966.00 -2480 -2480 -2480 -2480 -3650
Current Account to GDP (% of GDP) -1.70 -6.5 -4.5 -4.5 -4.5 -3.9
Imports (USD Million) 29300.00 21400 21400 21400 21400 23100
Exports (USD Million) 21300.00 18800 18800 18800 18800 19600
External Debt (USD Million) 444392.00 515000 515000 515000 515000 525000
Capital Flows (USD Million) -357.00 4450 4450 4450 4450 5540
Foreign Direct Investment (USD Million) 214.00 750 750 750 750 880
Tourism Revenues (USD Million) 17950.00 6800 5650 5650 5650 7000
Tourist Arrivals 4803198.00 2045655 1693790 1693790 1693790 2110000
Crude Oil Production (BBL/D/1K) 68.00 75 75 75 75 75

Government Actual Q4 Q1 Q2 Q3 2023
Government Debt to GDP (% of GDP) 42.00 45 43 43 43 43
Government Budget (% of GDP) -2.70 -5.5 -5 -5 -5 -5
Government Budget Value (TRY Billion) -83.25 -32 -31 -31 -31 -21
Government Spending (TRY THO) 64785974.60 79157760 62593483 67118270 67118270 82324070
Government Revenues (TRY Billion) 224.16 85 85 85 85 96
Government Debt (TRY Million) 3807800.00 2944400 2944400 2944400 2944400 2944400
Fiscal Expenditure (TRY Billion) 307.42 116 116 116 116 117

Taxes Actual Q4 Q1 Q2 Q3 2023
Corporate Tax Rate (%) 23.00 23 23 23 23 23
Personal Income Tax Rate (%) 40.00 40 40 40 40 40
Sales Tax Rate (%) 18.00 18 18 18 18 18
Social Security Rate (%) 34.50 34.5 34.5 34.5 34.5 34.5
Social Security Rate For Companies (%) 20.50 20.5 20.5 20.5 20.5 20.5
Social Security Rate For Employees (%) 14.00 14 14 14 14 14

Business Actual Q4 Q1 Q2 Q3 2023
Business Confidence (points) 97.90 108 109 110 110 106
Manufacturing PMI (points) 46.40 51.5 53 54.1 54.1 54.6
Industrial Production (%) 0.40 3.1 3.1 2.3 1.8 0.7
Industrial Production Mom (%) -1.60 0.2 0.5 0.2 0.1 -0.3
Manufacturing Production (%) 1.68 3.8 3.8 3.8 3.8 3.8
Capacity Utilization (%) 75.90 77.4 77.6 77.5 77.5 78
Bankruptcies (Companies) 1799.00 1400 1400 1400 1400 1150
Car Production (Units) 114835.00 130574 118956 114815 114815 124787
Car Registrations 102403.00 87000 87000 87000 87000 98000
Total Vehicle Sales (Units) 65222.00 102000 102000 102000 102000 108000
Leading Economic Index (%) 4.81 3.8 3.8 3.8 3.8 3.8
Mining Production (%) -16.45 3 3 3 3 3

Consumer Actual Q4 Q1 Q2 Q3 2023
Consumer Confidence (points) 76.60 84 89 92 92 95
Retail Sales MoM (%) 1.80 -0.4 -0.2 0.5 0.9 0.7
Retail Sales YoY (%) 9.73 2.8 7.1 4.8 5.2 6.5
Consumer Spending (TRY THO) 348747713.70 379045137 320917187 361302631 361302631 394206942
Consumer Credit (TRY THO) 1447009387.00 1076222781 1124472672 1318479512 1456228197 1119271693
Private Sector Credit (TRY Thousand) 5189857335.00 3863363721 4294458652 4899719784 5376692199 4017898270
Gasoline Prices (USD/Liter) 1.08 1.15 1.19 1.24 1.28 1.38
Economic Optimism Index (points) 97.10 95 99 103 105 102
Households Debt to GDP (% of GDP) 13.30 29 29 29 29 32

Housing Actual Q4 Q1 Q2 Q3 2023
Housing Index (points) 575.20 226 226 226 226 245
Existing Home Sales (Units) 84466.00 145500 145500 145500 145500 168500
Building Permits 56844.00 98000 98000 98000 98000 111000
Home Ownership Rate (%) 57.90 59 59 59 59 58.6
Housing Starts (units) 9263.00 17700 17700 17700 17700 19500
New Home Sales (Units) 39025.00 109500 109500 109500 109500 109500