A busy agenda awaits the Turkish economy in the last month of the year

Turkiye is preparing to enter the last month of the year with a busy economic agenda. In this context, November inflation figures will be announced on December 4. The General Assembly of the Turkish Grand National Assembly will evaluate the 2024 budget in December, when the Minimum Wage Determination Commission meetings will be held.

In December, all eyes will be on the data to be announced on the one hand, and on the planned meetings on the other.

Turkish Statistical Institute (TUIK) will announce growth figures for the 3rd quarter of the year tomorrow. Periodic gross domestic product (GDP) data for the July-September period will be announced to the public at 10:00. The Turkish economy recorded 3.8% growth in the 2nd quarter of the year, and the growth rate was 4.1% in the 3rd quarter of 2022. Economists participating in the AA Finance Growth Expectation Survey expect GDP to grow by 5.19% in the third quarter.

The data to be announced in December will also make its mark.

TUIK will announce inflation figures

Minister of Trade Omer Bolat is expected to announce November foreign trade figures in Istanbul on Saturday, December 2. In October, exports increased by 7.4% compared to the same month of the previous year and reached $22 billion 900 million, reaching the highest October value in history.

TurkStat will announce inflation figures on Monday, December 4. Consumer Price Index (CPI) increased by 3.43% on a monthly basis in October, and Domestic Producer Price Index (D-PPI) increased by 1.94%. Annual inflation was recorded as 61.36% in consumer prices and 39.39% in domestic producer prices.

October labor force statistics will be announced on November 11. The unemployment rate was calculated as 9.1% in September. The industrial production index for October will also be announced on the same day. While the industrial production index decreased by 0.1% on a monthly basis in September, it increased by 4% on an annual basis.

Foreign trade and construction cost indices will be announced to the public on Tuesday, December 12. The Ministry of Treasury and Finance will also announce the November budget realizations on Friday, December 15. While the consumer confidence index for the last month of the year will be announced on December 20, the Foreign Producer Price Index for November will also be announced on the same day.

The minimum wage to be applied in 2024 will be determined

Millions of workers will have their eyes and ears on the decision to be made by the Minimum Wage Determination Commission in December. The Commission will determine the minimum wage that will be valid in 2024. The minimum wage for a worker is ₺13 thousand 414 50 kurus gross per month, and net ₺11 thousand 402 32 kurus when taxes and deductions are deducted.

The 2024 Central Government Budget Law Proposal, which was accepted by the GNAT Planning and Budget Commission, will also be discussed at the General Assembly in December. Budget discussions will be held between 11-22 December.

Source: Trthaber / Prepared by Irem Yildiz

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