During the last two weeks, the Turkish economy was highlighted by the following items:
- Current Account deficit widened by US$7.5bn in Dec10, bringing the 2010 year-end deficit to US$48.5bn (from US$13.9bn posted in 2009), increasing year-end CA/GDP expectation to 6.5%.
- Budget balance turned into a surplus of TL1.0bn in Jan11 and primary balance into a surplus of TL4.8bn.
- Industrial Production increased by 13%y/y in 2010 following a 16.9%y/y surge in Dec10.
- Unemployment rate slightly decreased by 40bps over the previous month to 11.2% in Nov10.
- Banks displayed strong financial performances for the year 2010.