Turkish economy continued to grow in the last quarter of the year and registered a real growth rate of 4.4% yoy, above the market expectation of 4%. Regarding the whole year, GDP grew by 4% and reached 820 billion USD. Per capita income increased to 10,782 USD from 10,459 USD in 2012. Turkstat also made revisions regarding the growth figures dating back to the first quarter of 2012. In this context, 2012 GDP growth figure was revised downwards from 2.2% to 2.1%. Please click here for details. 

In February, current account deficit contracted by 37% yoy and was realized as 3.2 billion USD, in line with market expectations. Continued increase in exports compared to the previous year and decline in imports thanks to the measures taken in order to limit the domestic demand played role in the rapid decline of the current account deficit. On the other hand, the normalization of the gold trade also supported the narrowing of the current account deficit. Please click here for details.

Calendar adjusted industrial production index increased by 4.9% in February compared to the same month of the previous year. Seasonal and calendar adjusted index, on the other hand, decreased by 0.1% on monthly basis in February. In seasonally and calendar adjusted manufacturing industry the highest increase was durable consumer goods while highest decrease was realized in manufacture of other transport equipment in February.

In March, Capacity Utilization Rate (CUR) increased by 0.4 points compared to the same month of the previous year and was realized as 73.1%. Seasonally adjusted CUR, on the other hand, decreased by 0.1 point compared to the previous month and was realized as 74.3%.

The impacts of weakening domestic demand have been visible on foreign trade figures. Turkey's exports were realized as 13.2 billion USD (up 6.2% yoy) while imports were 18.3 billion USD (down 5.9% yoy) in February. Foreign trade deficit decreased yoy and came in 5.1 billion USD. In parallel with a narrowing trade deficit, the import coverage ratio increased by 8.2 points yoy and reached 72.1%. In the first two months of the year, exports also increased yoy while imports decreased. During the first two months, foreign trade deficit narrowed from 14.3 billion USD to 11.9 billion USD. Please click here for details.

In March, CPI and Domestic PPI (D-PPI) increased by 1.13% and 0.74% mom, respectively. The annual increase in CPI, following an upward trend since December 2013, followed a similar path in March and was realized as 8.39% yoy. The D-PPI, which is more sensitive to the developments in FX rates, increased by 12.31% yoy in March and maintained its double digit levels. Please click here for details.


Real Sector Confidence Index increased by 4 points and was realized as 108.6 in March. Analyzing the components of the index, deterioration in the assessments about total amount of orders in the last three months and current stock of finished goods limited the increase in RSCI.  Seasonally adjusted RSCI also rose by 1 points compared to the previous month and was realized as 105.6. Consumer Confidence Index increased by 3.5 points compared to the previous month and realized as 72.7 in March. 

In March, seasonally adjusted services, retail trade and  decreased by 1.7%, 1.9%, 4.1% respectively. Deterioration in the sub-index of business situation over the past three months was influential on the decrease of the services confidence index. The decrease in the construction confidence index stemmed from the deterioration in sub indices of current overall order books and total employment expectation over the next three months.

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