During the last two weeks, the Turkish economy was highlighted by the following items:
- Budget Deficit reached a level of TL52.2bn in 2009, approx. equivalent to 5.5% of GDP.
- Current Account’s deficit re-widened as it posted a deficit of US$1.6bn in Nov09, increasing the year-to-date figure to US$9.9bn.
- Unemployment slightly declined to 13% in Oct09.
- Moody’s upgraded Turkey’s rating by one notch to Ba2.
- MPC kept interest rates at 6.5% level given the inflation & growth outlook.
- IMF: no concrete development was recorded except continuous rumours over an imminent agreement.