A brief econ update

TURKEY - Report 12 Jul 2026 by Murat Ucer

Industrial production shrank sharply in May, but that was largely driven by the “other transport equipment” category., while Turkstat’s seasonally-adjusted data pointed to limited improvement in the pace of core inflation, if at all.

The cash budget recovered in June, as expected, with the deficit remaining broadly unchanged, as a percent of GDP, over from the first quarter.

Reserves rose in the week through July 3, as heralded by the daily data, which seems to have continued during the 4 days of last week.

Looking ahead, we will see the May balance of payments data on Monday and a Fitch review on Friday.

As both authors are a little stretched today, this is a super short econ-only weekly. We shall return to our standard format next Sunday.

Now read on...

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