Turkish economy registered a real growth rate of 4.3% yoy, parallel to the expectations. Analyzing the calendar adjusted figures, it was seen that GDP increased by 4.4% yoy in the first quarter of 2014. Seasonal and calendar adjusted GDP growth, on the other hand, was realized as 1.7% qoq. Please click here for details. 

Current account deficit came in lower than the market expectations at 3.4 billion USD and continued to narrow in May. In the first five months of 2014, the cumulative current account deficit decreased from 32.3 billion USD in the same period of the previous year to 19.8 billion USD (-38.5% yoy). The deceleration in domestic consumption expenditures and the sustained increase in exports played role in the contraction of the current account deficit. In fact, foreign trade deficit (calculated according to the balance of payments methodology) narrowed by 32.4% yoy in the first five months of the year. In addition, 11.8% yoy increase in the services balance surplus also supported the improvement in the current account deficit. The 12-month cumulative current account deficit declined to 52.6 billion USD, the lowest level observed since April 2013. Please click here for details.

Calendar adjusted industrial production index increased by 3.3% in May compared to the same month of the previous year. Seasonal and calendar adjusted index decreased by 1.0% on monthly basis in May. In seasonally and calendar adjusted main industrial groupings the largest decrease realized in capital goods in the same period.

In June, Capacity Utilization Rate (CUR) remained flat compared to the same month of the previous year and was realized as 75.3%. Seasonally adjusted CUR, on the other hand, increased by 0.5 point compared to the previous month and was realized as 74.8%.

In May, Turkey's exports were realized as 13.8 billion USD (up 3.6% yoy) while imports came in 20.9 billion USD (down 10.3% yoy). Having fallen for the fifth consecutive month, foreign trade deficit decreased by 28.7% yoy in May and became 7.1 billion USD. The import coverage ratio increased by 8.8 points yoy and reached 65.9%. Please click here for details.

In June, CPI and Domestic PPI (D-PPI) increased by 0.31% and 0.06% mom, respectively. The annual increase in CPI, which followed a steady upward trend over the last 6 months approaching double-digit levels, lost momentum in June and decreased to 9.16%. In this period, the annual increase in the D-PPI was 9.75% as the base effect became more evident on the D-PPI figures. Please click here for details.

 

Real Sector Confidence Index (RSCI) decreased by 2.6 points on monthly basis and was realized as 110.7 in June. Analyzing the components of the index, favorable assessments regarding fixed investment expenditures, total employment for the next three months, and current total orders limited the decrease in RSCI. Seasonally adjusted RSCI also decreased by 0.7 point compared to the previous month and was realized as 107.3. Consumer Confidence Index decreased by 3% compared to the previous month and declined to 73.7 in June from 76 in May.

In July, seasonally adjusted construction and services confidence indices decreased by 1.7% and 2.8% respectively. On the other hand, retail trade confidence index increased by 1.1% in July compared to the previous month. The decrease in the construction confidence index stemmed from the deterioration in total employment over the next three months. The weakening in business situation and demand-turnover over the past three months were influential on the course of the services confidence index. The increase in the retail trade confidence index stemmed from the recovery in business activity-sales expectation over the next three months and current volume of stock.

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