During the last two weeks, the Turkish economy was highlighted by the following items:

• Budget balance posted a deficit of TL5.5bn in June10. The 1stH10 overall budget deficit reached TL15.4bn, down by 33%y/y.



• Current Account deficit widened by US$3.0bn in May10.



• Industrial Production surged by 15.6% in May10, leading to a 17%y/y increase in the Jan-May10 period.



• Unemployment rate decreased to 12.0% in April10, down by 170 bps compared to March10.



• Decision of the Constitutional Court did not have a major impact on financial markets which are more indexed to developments in Europe and the US.

The Turkish Newsletter July 20th, 2010 (109 ko)