September industrial production index was down -4.2% y/y well below the market consensus of 2.5% y/y, driving the 3-month moving average to the negative territory for the first time since the global financial crisis. Following the results analysts downgraded their 2016 GDP growth estimate to…
Turkey’s real GDP grew by 3.1% y/y in Q2, below the market consensus of 3.7% and our estimation of 3.4%. Of that growth number, 3.4% and 1.7% came from household and public consumption, respectively, which were partly offset by weak foreign demand that a negative…
Turkish economy grew by 4.8% in Q1 2015, above the consensus and our expectations of 4.4%. In seasonally adjusted terms, the economy expanded by 3% q/q. Household consumption expenditures, which generates two thirds of the GDP, continued to improve and posted a growth rate of…
After seven years of international sanctions, Iran is once again open for business. The end of sanctions is a lifesaver for the economy as billions of dollars’ worth of frozen Iranian assets were released. In addition, years of isolation and a lack of investment have…
Gross Domestic Product Turkey GDP grew by more than expected (2.3% versus 1.6%) in the first three months of 2015, data from Turkstats showed on Wednesday. Despite the fact that the reported figure signaled a below par growth in the country, we saw the pressure…
Turkey’s Gross Domestic Product expanded 2.6% in 4Q14, higher than the market consensus of 2.1%, bringing full year growth to 2.9%, compared with an upwardly revised 4.2% a year earlier. Stronger than projected stock drawdown was the key driver of the deviation from the consensus. The contribution…
Turkey today posted better than expected current account deficit after naming the deficit as the second most important economic challenge after inflation in its Medium Term Plan. According to the posted official figures the deficit in August was $2.77 billion which is well below the…
Credit impulse is an economic measure first introduced by Deustche Bank economist Michael Biggs. It is simply the change in new credit issued as a percentage of GDP. The conventional method measure used when associating developments in credit with developments in domestic demand is credit growth…
At 4.45 year over year, GDP in the third quarter of 2013 came in stronger than estimations (market consensus was 4% year over year). 9-month basis growth was 4% setting light to year end forecast. Reviewing the composition of growth, final consumption expenditure contribution was…
Capacity utilization rate (CUR) was realized at 75.6% in November. It means an increase 160 basis points compared to last year but a slight decline month over month by 80 basis points. Seasonally adjusted CUR also dropped to 74.9% by 90 basis points. Looking at…