Markets Actual Q2 Q3 Q4 Q1 2022
Currency 8.22 8.36 8.45 8.55 8.65 8.85
Stock Market (points) 1392.01 1327 1281 1237 1194 1109
Government Bond 10y (%) 17.85 18.44 18.92 19.41 19.92 20.94

Overview Actual Q2 Q3 Q4 Q1 2022
GDP Growth Rate (%) 1.70 2.9 2 1.5 1 0.7
GDP Annual Growth Rate (%) 5.90 12.5 6.1 5.1 4.4 3.8
Unemployment Rate (%) 13.40 14.5 14 13.7 13.4 12.9
Inflation Rate (%) 16.19 18 16 11 9.1 7.8
Inflation Rate Mom (%) 1.08 1.5 0.9 1.2 0.6 0.5
Interest Rate (%) 19.00 19 19 18 15.5 12.5
Balance of Trade (USD Million) -3299.37 -2400 2380 100 100 -1300
Current Account (USD Million) -2610.00 -1780 -2680 -2200 -2800 -2480
Current Account to GDP (%) -5.10 -2.8 -2.8 -2.8 -3.2 -3.2
Government Debt to GDP (%) 39.50 45.6 45.6 45.6 49 49
Government Budget (% of GDP) -3.40 -7.1 -7.1 -7.1 -4.4 -4.4
Business Confidence (points) 111.00 105 100 102 105 110
Manufacturing PMI (points) 52.60 54 53.6 52.5 53.6 54
Consumer Confidence (points) 80.20 73.6 75 79 83 88
Retail Sales MoM (%) 3.40 0.8 -1.2 0.5 0.9 0.7
Corporate Tax Rate (%) 20.00 20 20 20 20 20
Personal Income Tax Rate (%) 35.00 35 35 35 35 35

GDP Actual Q2 Q3 Q4 Q1 2022
GDP Growth Rate (%) 1.70 2.9 2 1.5 1 0.7
GDP Annual Growth Rate (%) 5.90 12.5 6.1 5.1 4.4 3.8
GDP (USD Billion) 754.41 740 740 740 810 810
GDP Constant Prices (TRY THO) 512715333.10 421328217 432899576 477124233 538863815 559340640
Gross Fixed Capital Formation (TRY THO) 133971217.30 105020492 113351873 127809779 140803749 146154292
GDP per capita (USD) 14999.00 14400 14400 14400 15100 15100
GDP per capita PPP (USD) 28167.40 27500 27500 27500 28600 28600
GDP From Agriculture (TRY THO) 26744472.00 11564200 20976411 26226109 28108440 29176561
GDP From Construction (TRY THO) 25691275.70 25238113 32167737 32774032 27001531 28027589
GDP From Manufacturing (TRY THO) 84786842.20 73063295 64133587 78004275 89110971 92497188
GDP From Public Administration (TRY THO) 51468251.67 50244588 51393936 47612877 54093133 56148672
GDP From Services (TRY THO) 122923198.60 96552116 85218360 112962260 129192282 134101588

Labour Actual Q2 Q3 Q4 Q1 2022
Unemployment Rate (%) 13.40 14.5 14 13.7 13.4 12.9
Employed Persons (Thousand ) 27477.00 26800 26200 26600 27000 27900
Unemployed Persons (Thousand ) 4236.00 4480 4840 4750 4520 4450
Labor Force Participation Rate (%) 50.10 50.5 50.8 51.1 51.5 52
Long Term Unemployment Rate (%) 3.30 3.8 3.6 3 2.9 2.8
Youth Unemployment Rate (%) 26.90 25.2 27 22.5 26.2 25.7
Labour Costs (points) 222.42 264 230 222 237 228
Minimum Wages (TRY/Month) 3577.50 3578 3578 3578 4250 4250
Wages in Manufacturing (points) 243.96 195 238 228 242 234
Population (Million) 83.61 83.91 83.91 83.91 84.75 84.75
Retirement Age Women 58.00 58 58 58 58 58
Retirement Age Men 60.00 60 60 60 60 60
Employment Rate (%) 43.40 43.8 43.4 43.6 43.7 44.2

Prices Actual Q2 Q3 Q4 Q1 2022
Inflation Rate (%) 16.19 18 16 11 9.1 7.8
Inflation Rate Mom (%) 1.08 1.5 0.9 1.2 0.6 0.5
Consumer Price Index CPI (points) 523.53 550 554 560 571 604
Core Consumer Prices (points) 438.46 441 478 453 470 503
Core Inflation Rate (%) 16.88 21.5 15.6 10.4 8.8 7
Producer Prices (points) 614.93 650 644 668 689 727
Producer Prices Change (%) 31.20 34 25 17.5 12 8.9
Food Inflation (%) 17.44 27.6 18.6 14.6 12.4 8
Cpi Housing Utilities (points) 557.45 591 597 593 604 639
CPI Transportation (points) 523.13 524 546 571 571 616
Harmonised Consumer Prices (points) 200.65 211 212 215 211 232

Money Actual Q2 Q3 Q4 Q1 2022
Interest Rate (%) 19.00 19 19 18 15.5 12.5
Interbank Rate (%) 19.48 19.48 19.48 18.48 15.98 15.98
Money Supply M1 (TRY Thousand) 1196274465.00 1475000000 1665000000 1815000000 1759000000 1915000000
Money Supply M2 (TRY Thousand) 3362342866.20 3799000000 3846000000 3955000000 3902000000 4047000000
Banks Balance Sheet (TRY Thousand) 6019110601.00 6642000000 6485000000 6549000000 6519000000 6949000000
Loans to Private Sector (TRY Thousand) 1729774867.00 1489302495 1810069463 1839956420 1829313887 1898827815
Deposit Interest Rate (%) 17.50 17.5 17.5 16.5 14 14
Cash Reserve Ratio (%) 19.00 19 19 19 17 17
Central Bank Balance Sheet (TRY Thousand) 1361644142.00 1689000000 1592000000 1605000000 1654000000 1857000000
Lending Rate (%) 20.50 20.5 20.5 19.5 17 17
Private Debt to GDP (%) 165.80 171 171 171 177 177

Trade Actual Q2 Q3 Q4 Q1 2022
Balance of Trade (USD Million) -3299.37 -2400 2380 100 100 -1300
Current Account (USD Million) -2610.00 -1780 -2680 -2200 -2800 -2480
Current Account to GDP (%) -5.10 -2.8 -2.8 -2.8 -3.2 -3.2
Imports (USD Million) 19308.00 14400 18900 19100 20600 20100
Exports (USD Million) 16009.00 16780 16900 18200 17300 18800
External Debt (USD Million) 450048.00 481000 487000 495000 488000 515000
Capital Flows (USD Million) -729.00 -780 1250 2850 -1200 4450
Foreign Direct Investment (USD Million) 228.00 590 650 690 850 750
Tourism Revenues (USD Million) 3914.00 6500 5100 5200 4250 5650
Tourist Arrivals (Persons) 537976.00 1910000 2620000 1700000 2110000 2110000
Crude Oil Production (BBL/D/1K) 65.00 60 60 60 60 60

Government Actual Q2 Q3 Q4 Q1 2022
Government Debt to GDP (%) 39.50 45.6 45.6 45.6 49 49
Government Budget (% of GDP) -3.40 -7.1 -7.1 -7.1 -4.4 -4.4
Government Budget Value (TRY Billion) 23.76 -22 -28 -34 -42 -32
Government Spending (TRY THO) 78810997.60 68000000 66700000 79900000 61200000 77500000
Government Revenues (TRY Billion) 134.93 72 85 78 57 85
Government Debt (TRY Million) 1950049.00 1950000 1990000 1940000 1950000 1980000
Fiscal Expenditure (TRY Billion) 111.16 101 118 120 94 116

Taxes Actual Q2 Q3 Q4 Q1 2022
Corporate Tax Rate (%) 20.00 20 20 20 20 20
Personal Income Tax Rate (%) 35.00 35 35 35 35 35
Sales Tax Rate (%) 18.00 18 18 18 18 18
Social Security Rate (%) 37.50 37.5 37.5 37.5 37.5 37.5
Social Security Rate For Companies (%) 22.50 22.5 22.5 22.5 22.5 22.5
Social Security Rate For Employees (%) 15.00 15 15 15 15 15

Business Actual Q2 Q3 Q4 Q1 2022
Business Confidence (points) 111.00 105 100 102 105 110
Manufacturing PMI (points) 52.60 54 53.6 52.5 53.6 54
Industrial Production (%) 8.80 7 5.6 4.9 3.8 3.6
Industrial Production Mom (%) 0.10 0.6 -1.6 0.5 0.9 0.8
Manufacturing Production (%) 9.30 4.4 2.5 5.5 4.4 3.8
Capacity Utilization (%) 75.90 75.8 75.5 75 75.2 76
Bankruptcies (Companies) 1015.00 1560 2210 2520 1640 1400
Total Vehicle Sales (Units) 96428.00 68800 92100 95000 62000 102000
Car Production (Units) 123427.00 99500 130200 136400 116000 145500
Car Registrations 130420.00 78700 109700 69000 76000 87000
Leading Economic Index (%) 7.56 12.5 6.1 5.1 4.4 3.8
Mining Production (%) 15.90 2.5 5.6 4.4 3.6 3

Consumer Actual Q2 Q3 Q4 Q1 2022
Consumer Confidence (points) 80.20 73.6 75 79 83 88
Retail Sales MoM (%) 3.40 0.8 -1.2 0.5 0.9 0.7
Retail Sales YoY (%) 4.60 5.5 5.6 6.2 5.2 3.8
Consumer Spending (TRY THO) 301125200.60 250797683 256318741 272227250 316482586 328508924
Consumer Credit (TRY THO) 857861181.00 663209474 774159789 545530416 876993351 910319098
Private Sector Credit (TRY Thousand) 2824705678.00 2346936474 2870633723 2943493440 2954885158 3067170794
Economic Optimism Index (points) 98.90 95 92 99 101 105
Gasoline Prices (USD/Liter) 0.87 0.94 0.89 1.08 0.81 0.77
Households Debt To GDP (% of GDP) 18.00 25 25 25 29 29

Housing Actual Q2 Q3 Q4 Q1 2022
Housing Index (points) 161.80 165 162 164 166 175
Existing Home Sales (Units) 56485.00 133000 109200 122500 98900 145500
Building Permits 89075.00 6500 15600 85000 41000 98000
New Home Sales (Units) 24737.00 54800 38500 75500 42200 109500
Housing Starts (units) 13975.00 1750 3600 9100 5200 10500
Home Ownership Rate (%) 58.80 59.5 59.5 59.5 59 59


This page has economic forecasts for Turkey including a long-term outlook for the next decades, plus medium-term expectations for the next four quarters and short-term market predictions for the next release affecting the Turkey economy.