The economy this week, in brief

TURKEY - Report 22 Sep 2024 by Murat Ucer

Service production declined slightly in July, over the previous month. Looking at industrial production, total trade and services indices together suggests, economic activity, broadly speaking, was in a stagnation mode rather than in steep contraction mode – as of July.

The overall budget posted some TL130 billion deficit in August, as heralded by the cash data earlier, with the 12-month rolling deficit rising sharply to TL1.97 trillion, from TL1.78 trillion in July, but that is partly because corporate tax due dates were delayed to September, while there was some sign of spending restraint. In the year through August, the overall deficit was TL974 billion, about 2.5 times higher than in the same period of last year, and the cash deficit, which matters more in terms of showing actual spending pressures, was even larger.

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