NBU cuts rates 100bp to 13.5% on falling inflation
4 hours ago
Turkey’s auto production declined for the third consecutive month, falling by 7% y/y to 131,194 units in June following the contractions of 7% y/y in April and 4% y/y in May, data from the Turkish Automotive Manufacturers’ Association (OSD) showed on July 15.
Across H1, total vehicle production declined by 3% y/y to 843,193 units while passenger car production alone fell 7% y/y to 557,269 units.
Total vehicle sales on the domestic market fell by 11% y/y to 366,487 in the first half while export revenues rose by 15% y/y to $16.8bn despite a 4% y/y decline to 688,081 units in sales abroad.
The Turkish Automotive Distributors’ Association (ODD) previously reported on July 3 that vehicle sales in Turkey fell by 12% y/y to 355,348 units in the first half.
VTB Capital said on July 4 in a research note that the Turkish market’s weak performance in June was primarily driven by the snap elections, with additional pressures from the collapse of the lira and rising interest rates.
Turkey's vehicle sales decreased by 2.8% to 983,720 units in 2017. The ODD forecasts auto sales of between 925,000 and 975,000 vehicles in 2018.
In 2017, Turkey’s auto production increased by 13% y/y to a record high of 1.67mn units thanks to rising exports. In 2016, the country’s automotive output increased by 9% to 1.49mn units.
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Data
NBU cuts rates 100bp to 13.5% on falling inflation
The National Bank of Ukraine (NBU) lowered the key policy rate by 100bp to 13.5% on April 25 and improved its inflation forecast as price pressure ease.
Turkey keeps policy rate constant at 50%
Central bank is, notably, no longer talking about building up its reserves in parallel with so-called monetary framework simplification policy.
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Slovak unemployment inched further down to 3.88% in March
There were 167,493 job applicants in March, which is at its lowest level since the end of 2019.
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