Starting in the new week, the data agenda in the economy will become even more active.
The Turkish Statistical Institute (TUIK) will announce growth figures for the first quarter of this year on Tuesday, May 31. Gross domestic product (GDP) data for the January-March period will be announced at 10:00 a.m.
Economists participating in the AA Finans Growth Expectations Survey expect GDP to rise 7.2% in the first quarter.
President Recep Tayyip Erdoğan underlined that despite the worsening health and economic crises triggered by the Covid-19 epidemic with the Russian-Ukrainian war, Turkey is on the right track without compromising its strategy of growth through investment. , employment, production, exports and current account surplus.
Nureddin Nebati, the Minister of Treasury and Finance, also drew attention to positive developments in industrial production, exports and employment, and said leading indicators point to 6 to 7 year growth. % in the first quarter of 2022.
Central Bank Governor Şahap Kavcıoğlu also said that Turkey will be one of the few countries to post a growth rate close to 7% in the first quarter.
The Turkish economy had grown by 9.1% in the last quarter of 2021 and by 11% in total.
EXPORT AND INFLATION DATA
Other data that will make eyes turn during the week will be the export and inflation figures.
The temporary foreign trade data for the month of May will be announced by the Ministry of Commerce. The data is expected to be announced by Trade Minister Mehmet Muş.
In April, exports amounted to 23.4 billion dollars with an increase of 24.6% compared to the same month of the previous year. Minister Muş said this figure was the highest monthly export figure ever.
Stating that he fully believes that the strong performance will continue and that new records will be reached in exports in the rest of this year, Muş said, “With our exports over the past 12 months, which reached 240.1 billion, we’re taking a firm step forward with our president’s $250 billion end goal for 2022.” had assessed.
TurkStat will announce Consumer Price Index (CPI) and Domestic Producer Price Index data for the month of May on Friday, June 3. The CPI rose 7.25% per month and 69.97% per year in April.
UNEMPLOYMENT INDEX AND INDUSTRIAL PRODUCTION DATA WILL BE MONITORED
Another piece of data to follow in June will be the unemployment figures. TurkStat will announce labor force statistics for April on Friday, June 10.
The unemployment rate was 11.5% with a monthly increase of 0.4 percentage point in March, and 11.4% in the first quarter of the year, with an increase of 0.1 percentage point from in the last quarter of 2021.
April data from the closely watched turnover indices, retail sales indices and the industrial production index will also be announced on Monday, June 13. Industrial production fell by 1.8% on a monthly basis in March, while it increased by 9.6% on an annual basis.
The Ministry of Treasury and Finance will announce the budget results for the month of May on Wednesday, June 15.
The meeting of the Monetary Policy Committee of the Central Bank of the Republic of Turkey will be held on June 23. At its last meeting, the Council maintained at 14% the adjudication rate for one-week repos, which is the key rate. The Central Bank will also announce April’s balance of payments data on June 13.
APPLICATIONS FOR THE NEW FAMILY SUPPORT PROGRAM WILL BEGIN IN JUNE
On the other hand, applications for the new support program prepared for families will begin next month. President Recep Tayyip Erdoğan said that they will improve the purchasing power of low-income people a little more with the increase in inflation difference and other regulations to be taken in July, “We are not letting our people unattended with new apps such as the Family Support Program, applications for which will begin from June.” used the phrase.