GDP growth slowed to 2.4% y/y in Q1, as domestic demand — the main growth driver — lost momentum.
38 communiques in Official Gazette change tariff rates on 150 products. Desired fruits of import compression not visible in trade data yet.
Surge in new COVID-19 cases in Caucasus, Moldova and Poland, while fresh outbreaks in Balkans show virus not yet under control.
Industrial production flopped by 33.7% y/y as just 14,500 cars were produced during the month compared to a monthly average of 120,000.
Debt-to-GDP ratio will continue to rise and, as investors demand a higher premium to hold Turkish sovereign debt, local currency bond yields will probably drift higher over coming years, analysis concludes.
The slowdown came mainly on the back of prices falling in the housing and transport sectors, a result of the falling oil prices because of the coronavirus pandemic that depressed the global oil market.