Economy of Thailand

Despite its economic woes, Europe remains the Turkish auto industry's largest market, absorbing nearly 85 percent of its exports.

That means four out of five vehicles exported by local companies shipped to European countries in the first 11 months of 2024.

The normalization of monetary and fiscal policies in Türkiye is helping to restore macroeconomic stability as inflation pressures gradually ease, domestic demand cools and external vulnerabilities lessen, the World Bank has said in a report.

The number of paid employees in Türkiye's industry, trade and services, construction sectors increased by 3.4 percent in July from a year ago to reach an all-time high of 15.89 million, according to data from the Turkish Statistical Institute (TÜİK) on Sept. 16.

Inflation expectations for the end of 2024 declined from 43.3 percent in August to 43.1 percent in September, a Central Bank survey has shown.

The 12-month ahead inflation expectations also fell from 28.1 percent to 27.5 percent, according to the monthly survey of market participants.

Consumer prices are expected to increase by 2.22 percent in September.

The volume of Türkiye's e-exports is expected to increase to $8 billion at the end of 2024, according to Trade Minister Ömer Bolat.

The country's e-exports soared 131 percent last year to exceed $5 billion, said the minister, who delivered a speech at the Global E-Export Summit (IGEXX) in Istanbul on Sept. 4.

Industrial production fell by 4.7 percent year-on-year in June after inching up 0.1 percent in the previous month, data from the Turkish Statistical Institute (TÜİK) have shown.

In April, the annual decline in industrial output was 0.7 percent.

Türkiye exported $7.2 billion worth of automotive supply industry products in the first half of the year, up 1.1 percent compared to the same period last year.

Subsidiary industry products accounted for 40.9 percent of total automotive exports with $17.7 billion in the first six months of this year.

The retail sales volume increased by 5.8 percent in May from a year ago, after surging more than 10 percent in the previous month, data from the Turkish Statistical Institute (TÜİK) have shown.

On a monthly basis, retail sales contracted 0.2 percent, which compared favorably with the 1.9 percent decline recorded in April.

Türkiye ranked first in Europe and was among the top 10 countries in the world last year in terms of agricultural income generated, Agriculture and Forestry Minister İbrahim Yumaklı has said.

Türkiye's agricultural income amounted to $68.5 billion in 2025, said Yumaklı, citing data from the UN's Food and Agriculture Organization and the World Bank.

Consumer morale declined for the first time since February in June as households' expectations for the general economic outlook and their financial situation deteriorated.