Critical week in the economy

From the new week, the data agenda in the economy will be even more active.

The Turkish Statistical Institute (TUIK) announces the growth figures for the first quarter of this year on Tuesday, May 31st. Gross Domestic Product (GDP) data for the period January to March will be released at 10am.

Economists participating in the AA Finans Growth Expectation Survey expect GDP growth of 7.2 percent for the first quarter.

President Recep Tayyip Erdoğan pointed out that despite the worsening of the health and economic crisis triggered by the Covid-19 epidemic with the Russia-Ukraine war, Turkey is on the way to furthering its growth strategy through investment, employment, Production, exports and electricity jeopardize surplus account.

Minister of Finance and Finance Nureddin Nebati also pointed to the positive development of industrial production, exports and employment and stated that the leading indicators point to annual growth of 6-7 percent in the first quarter of 2022.

Central Bank Governor Şahap Kavcıoğlu also said that Turkey will be one of the few countries to show a growth rate of almost 7 percent in the first quarter.

The Turkish economy had grown by 9.1 percent in the last quarter of 2021 and by 11 percent overall.

EXPORT AND INFLATION DATA

Other data that will turn heads throughout the week are export and inflation figures.

Preliminary foreign trade data for May will be released by the Department of Commerce. The dates are expected to be announced by Trade Minister Mehmet Muş.

In April, exports totaled $23.4 billion, up 24.6 percent from the same month last year. Minister Muş stated that this figure is the highest monthly export figure ever.

Muş stated that he firmly believes that the strong performance will continue and that new records will be set in exports later this year, Muş said, “With our exports in the last 12 months reaching $240.1 billion , we take a stand making progress towards our President’s 2022 end goal of $250 billion.”

TurkStat is due to release May consumer price index (CPI) and domestic producer price index data on Friday, June 3rd. The CPI rose 7.25 percent monthly and 69.97 percent annually in April.

UNEMPLOYMENT AND INDUSTRIAL PRODUCTION INDEX DATA ARE FOLLOWED

Other data to be tracked in June is the unemployment figures. TurkStat will release April labor force statistics on Friday, June 10th.

The unemployment rate was 11.5 percent, up 0.4 percentage point monthly in March, and 11.4 percent in the first quarter of the year, up 0.1 percentage point from the last quarter of 2021.

The April data of the closely watched sales indices, retail sales and industrial production index will also be released on Monday 13th June. While industrial production fell 1.8 percent on a monthly basis in March, it rose 9.6 percent on an annualized basis.

The Ministry of Finance and Finance will announce the budget realizations for the month of May on Wednesday, June 15th.

The meeting of the Monetary Policy Committee of the Central Bank of the Republic of Turkey will take place on June 23. At its last meeting, the board left the one-week repo auction rate, which matches the policy rate, at 14 percent. The central bank will also release balance of payments data for April on June 13th.

APPLICATION FOR THE NEW FAMILY SUPPORT PROGRAM BEGINS IN JUNE

On the other hand, applications for the new support program being prepared for families will start next month. President Recep Tayyip Erdoğan stated that they will improve the purchasing power of low-income people a little more with the increase in the inflation differential and other regulations to be made in July: “We do not leave our people unsupervised with new uses like family Funding program for which applications will begin in June.” had used the expression.

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