TurkeyEconomy

Turkey's Economy Struggles to Grow Amid Persistent High Interest Rates

24 days ago

Turkey's economy is navigating a challenging landscape, revealing modest growth figures as the nation grapples with high interest rates. Recent data indicates that the economic expansion was limited in 2023, despite a slight improvement in the third quarter. Analysts cite the pressures from the government's efforts to keep inflation in check, which is integral to President Recep Tayyip Erdoğan’s economic strategy.

Turkey Faces Economic Contraction for the First Time Since the Pandemic

25 days ago

Turkey is gearing up to experience its first economic contraction in over three years, marking a significant downturn following a decade of rapid growth and increasing financial instability. Recent forecasts highlighted by economic analysts suggest that the economy is projected to shrink by approximately 1% in 2024, a stark reversal from the nation’s previous trends of expansion. The financial landscape in Turkey has grown increasingly turbulent, with inflation rates surging and unorthodox monetary policies exacerbating a challenging environment for consumers and businesses alike.

Turkey's Trade Deficit Narrows 13% Amid Slowing Imports in October

2 months ago

In a noteworthy turn of economic events, Turkey has reported a 13% reduction in its trade deficit for the month of October. This decline highlights a shift in the country’s import dynamics, as import values have shown signs of slowing down. The Turkish Statistical Institute has released its latest trade data, revealing that the trade gap fell to $5.09 billion, down from $5.84 billion in the same month of the previous year.