Weekly Report 10-16 May 2016


B. Yildirim elected as new AKP leader and Prime Minister

External rebalancing continues in Q1:16, due to a favourable energy bill

Tourist arrivals decline by 10.3% y-o-y in the first quarter, due to persisting tensions with Russia and rising security concerns



Real GDP growth gains momentum in Q1:16, rising by 4.3% y-o-y

Headline inflation falls to a low of -3.3% y-o-y in April, due to lower food prices



Cracks in the ruling coalition heighten political uncertainty 18 months after the previous elections

Economic growth maintains momentum in Q1:16



Activity accelerates to a 10-quarter high of 3.5% y-o-y in Q1:16



Bold moves to end the political deadlock

Deflation accelerates to -0.7% y-o-y in April, mainly due to a sharper decline in food prices

Customer deposits continue to grow at a robust rate in Q1:16 (6.2% y-o-y)

Credit to the private sector posts strong growth in Q1:16 (8.5% y-o-y)



Current account deficit narrows in FY:15, to a still high 11.2% of GDP



Economic growth reaches a 7-year high of 2.6% y-o-y in Q1:16

Headline deflation remains stable at -2.5% y-o-y in April



Headline inflation rises by 1.3 pps to 10.3% y-o-y between March and April, mainly due to higher core inflation

The CBE likely to keep its policy rates on hold until the end of the current fiscal year



Weekly Report 10-16 May 2016

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