Economy of Turkey

Turkey's unemployment rate increased slightly by 0.1 percent from March to stand at 11.3 percent in April, the Turkish Statistical Institute (TÜİK) said on June 10.

The number of unemployed rose by 65,000 to 3.85 million people, data from TÜİK showed.

The unemployment rate was 9.7 percent for men and 14.5 percent for women in April.

The profit index the Central Registry Agency (MKK) compiled for Borsa Istanbul-listed companies increased by 149 percent in the first quarter of 2022 from a year ago.

The index, which advanced 33.5 percent in the October-December period of last year, also rose by 25 percent in January-March from the previous quarter.

Treasury and Finance Minister Nureddin Nebati has underlined that the Turkish economy continues to draw interest from international investors during his visit to the U.S. capital.

He met with prominent portfolio investors in a meeting organized by banking giant JPMorgan on April 21.

Businesses that earn revenues in foreign currencies, particularly exporters and tourism companies, will be granted cheap loans, Treasury and Finance Minister Nureddin Nebati said at a meeting in the Black Sea province of Samsun on April 15.

The recent surge in inflation rates is deemed by the Turkish government as temporary, Treasury and Finance Minister Nureddin Nebati said yesterday.

President Recep Tayyip Erdoğan on April 6 vowed to protect the nation against rising inflation, reiterating his government's goal to become among the 10 biggest economies of the world.

The Turkish economy expanded 11 percent year on year in 2021 in line with market expectations, according to official data revealed on Feb. 28. 

"Gross domestic product at current prices increased by 42.8 percent and reached 7.2 trillion Turkish Liras [nearly $518 billion] in 2021 compared with the previous year," the Turkish Statistical Institute (TÜİK) said in a statement.

Treasury and Finance Minister Nureddin Nebati on Feb. 21 met with delegations of Turkish exporters and automotive distributors.

"We have held an inclusive consultation meeting on our recent policies and actual topics, particularly Turkey Economy Model focused on investments, production, exports and employment," Nebati said in a tweet.

Turkey's Minister of Treasury and Finance Nureddin Nebati revealed Turkey's new economic package on Feb. 12.

Nebati said Turkey aims to to decrease inflation by increasing production and exports. 

Turkey's current account balance posted a $3.84 billion deficit in December 2021, up $401 million year on year, according to data released by the Turkish Central Bank on Feb. 11.

The country's 12-month rolling deficit totaled $14.9 billion.

The gold- and energy-excluded current account posted a $2.27 billion surplus compared to a $700 million surplus in December 2020.