Markets will focus on growth, exports, and inflation figures for the next week.
Turkish Statistical Institute (TUIK) will announce foreign trade statistics for April tomorrow. In March, exports decreased by 4.1% compared to the same month of the previous year, reaching $22 billion 571 million, and imports decreased by 6.3%, reaching $29 billion 912 million. The foreign trade deficit decreased by 12.4% in March compared to the same month of the previous year, falling to $7 billion 341 million.
Key Economic Indicators to Watch:
- Economic Confidence Index: The May index will be published alongside trade data. In April, the index dropped by 1% to 99.
- First Quarter Growth Figures: On May 31 at 10:00, TurkStat will announce the GDP data for Q1 2024. Turkiye’s economy grew by 4.5% in 2023 and 4% in the last quarter of 2023, marking 14 consecutive quarters of growth. GDP at current prices increased by 75% year-on-year in 2023, reaching TRY 26.276 trillion. Economists forecast a 5.9% annual growth rate for Q1 2024, with estimates ranging from 4.2% to 7%.
- May Inflation Data: Minister of Trade Ömer Bolat will announce May export figures in Istanbul on June 3. In April, exports rose to $19.271 billion, a 0.13% increase, impacted by the Eid al-Fitr holiday. TurkStat will also release May inflation figures the same day. April’s CPI increased by 3.18% monthly and 69.8% annually, while the D-PPI rose by 3.6% monthly and 55.66% annually.
These upcoming releases will provide critical insights into Turkiye’s economic trajectory, influencing market sentiment and policy decisions.
Source: Trthaber / Prepared by Irem Yildiz
