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 slightly higher than markets expectations in June but kept its narrowing trend in recent months. The deficit declined to 4.1 billion USD in June from 4.8 billion USD in the same month of the previous year. In the first half of the year, the deficit declined to 24.2 billion USD from 37.1 billion USD in the same period of the previous year (34.9% decrease). The 12-month cumulative current account deficit declined to 52.2 billion USD. 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 July, Capacity Utilization Rate (CUR) decreased by 0.6 points compared to the same month of the previous year and was realized as 74.9%. Seasonally adjusted CUR, on the other hand, decreased by 0.4 point compared to the previous month and was realized as 74.3%.

In June, exports increased by 4.2% yoy while imports decreased by 1.1% yoy. Export and import volumes were recorded as 12.9 billion USD and 20.8 billion USD, respectively. Thus, trade deficit was realized as 7.9 billion USD. Foreign trade deficit came in above the market expectations of 7.1 billion USD owing to the tensions in Iraq which put a downturn pressure on exports. Nevertheless, foreign trade deficit narrowed by 8.8% yoy in June with the help of the continued favorable trend in total exports. In this period, the import coverage ratio increased by 3.2 points yoy and reached 62.2%.Please click here for details.

In July, CPI and Domestic PPI (D-PPI) increased by 0.45% and 0.73% mom, respectively. After having exhibited an upward trend in the first five months of the year, annual CPI inflation decreased to some extent in June thanks to the base effect. However, annual CPI inflation gained momentum again and was realized as 9.32% in July. Annual D-PPI inflation, on the other hand, eased for a third straight month due to the base effect and was realized as 9.46% in July. Please click here for details.

 

Real Sector Confidence Index (RSCI) decreased by 1.7 points on monthly basis and was realized as 109 in July. Analyzing the components of the index, favorable assessments regarding current stock of finished goods limited the decrease in RSCI. Seasonally adjusted RSCI also decreased by 0.8 point compared to the previous month and was realized as 106.4. Consumer Confidence Index increased by 0.3% compared to the previous month and increased to 73.9 in July from 73.7 in June.

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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