The Economy in Pictures, in 2022

TURKEY - Report 23 Dec 2022 by Murat Ucer

After a relatively strong first half, growth stalled in Q3, q/q, driven by weakness in net exports, but consumption remained strong. Further weakness is likely in Q4, but GDP might have nevertheless expanded by some 5% in the year.

Inflation was the main casualty of 2022, which should end the year around 65%, up from 36.1% at end-2021 – a level last seen in the late 1990s/early 2000s. TL weakness, food and energy shocks, deeply negative real rates, wage-price spiral, unhinged inflation expectations -- and the attendant worsening in pricing behavior -- are largely to blame.

As the CBRT delivered the Palace’s long-sought fancy of single digit interest rates against a terribly inflationary backdrop, balance sheet interventions have become the key tool for sustaining “financial repression”.

Now read on...

Register to sample a report

Register
Sign-in
Forgot your password?
Copyright 2024 GlobalSource Partners. All rights reserved. This report is prepared for GlobalSource Partners’ clients and may not be redistributed, reproduced, stored in a retrieval system, retransmitted or disclosed, in whole or in part, or in any form or manner, without the express written consent of GlobalSource Partners. This report is distributed simultaneously to our website and other portals used by GlobalSource Partners. The information herein was obtained from various sources and is believed to be reliable but GlobalSource Partners does not warrant its completeness or accuracy. Neither GlobalSource Partners nor any Country Analyst, officer or employee accepts any liability whatsoever for any direct, indirect or consequential damages or losses rising from any use of this report or its contents.