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Consumer prices rose by 9.09% m/m in August, higher than both our expectation (7.0%) and market consensus (7.2%), resulting in an annual inflation of 58.9% up from 47.8% in July. Considering higher-than-expected August realization, consumer inflation will likely get closer to 70% at the end of this year.

Turkish economy grew by 3.8% in 2Q23 in annual terms slightly above the market consensus of 3.5% (vs. our expectation of 4.5%), which corresponds to 5% GDP growth if the calendar day adjustment is made. We expect GDP growth to materialize in the range of 4% to 4.5% with a high probability.

Industrial production (IP) increased by 1.6% m/m in seasonal and calendar adjusted series, resulting in the 2.3% q/q acceleration of activity in 2Q (vs. 0.5% q/q in 1Q). We expect GDP growth to be 4.5% in 2023 thanks to the strong growth patter…

Consumer prices rose by 9.49% in July, higher than our expectation (9%) and market consensus (8.6%) while annual consumer inflation accelerated significantly to 47.8% from 38.2% the month before. We expect annual consumer inflation to accelerat…

Industrial production (IP) decreased by 0.2% y/y in cal. adj. series while unadjusted figure increased by 11.3% in May. We forecast GDP growth to be 4.5% in 2023, led by expected gradual normalization steps in monetary policy, whereas the growt…

Consumer prices rose by 3.92% in June, lower than both our expectation (4.85%) and market consensus (4.3%), whereas annual inflation dropped to 38.2% from 39.6% in May on favorable base effects led by energy prices. We expect annual consumer inflation to increase now onwards and finish the year at 55%.

Headline inflation intensified its downward trend in most countries in May, while core inflation seems to have left the peak behind, but remains high. Supply disruptions are close to normalized levels but continue to soften.

Consumer prices rose by 0.04% in May on zero natural gas prices, led annual figure to fall 39.6% on favorable base effect. Even assuming a gradual depreciation in the currency, we expect 2023 year-end inflation to get closer to 50%.

Turkish economy grew by 4% y/y in 1Q23 in line with market expectation (vs. 3.9% consensus and 4.3% ours). Assuming no sharp normalization in economic policies ahead of local election in 2024, we expect GDP growth to be in the range of 4-5% in …

Industrial production (IP) rapidly recovered in March increasing by 5.5% m/m (1.8% m/m cons.), mostly wiping out the impact from the earthquakes. Recent better than forecasted momentum and potential continuation of populist policies after elect…

Consumer prices rose by 2.4% m/m in April, lower than both our expectation and consensus (2.6%, 2.7% respectively), whereas annual inflation came down to 43.7% from 50.5% on favorable base effects. We expect year-end consumer inflation to be 45%, assuming a manageable depreciation of the currency after the elections.

Industrial production (IP) deteriorated sharply in Feb. contracting by 6.0% m/m on seas. and cal. adj. series, contrary to consensus (+2% m/m exp.). Considering recovery signaled by our nowcasts and assuming gradual policy normalization after the elections, we expect GDP to grow 3% in 2023 but risks remain on the upside.