Busy economic agenda in December: When will the Minimum Wage Determination Commission meet?

As Turkey prepares to enter the final month of 2024 with a busy economic agenda, growth data for the third quarter of the year will be announced tomorrow, while millions of employees have their eyes focused on the Minimum Wage Determination Commission next month.

The Turkish Statistical Institute (TÜİK) will share gross domestic product (GDP) data for the third quarter of the year with the public tomorrow. The Turkish economy grew by 2.5 percent in the second quarter of the year. Thus, the economy had demonstrated a growth performance for 16 consecutive quarters.

Economists participating in the AA Finance expectation survey estimate that GDP increased by 2.64 percent on an annual basis in the 3rd quarter. The average of economists' growth expectations for the entire year was 2.98 percent.

Minister of Trade Ömer Bolat is expected to announce the November foreign trade data in Ankara on December 2. While sharing data for the 10th month of the year, Bolat had stated, "In October, we broke the record for the highest October exports in our Republic's history. Our exports have exceeded 23 billion 600 million dollars, an increase of 3.6 percent compared to the same month last year."

NOVEMBER INFLATION TO BE ANNOUNCED ON DECEMBER 3

TÜİK will announce November inflation data on December 3. Inflation increased by 2.88 percent on a monthly basis in October, while it fell to 48.58 percent on an annual basis. Thus, the Consumer Price Index (CPI) was recorded as the lowest rate on an annual basis since July 2023, and the Domestic Producer Price Index (D-PPI) since March 2021.

The industrial production index and labor statistics for October will be announced on December 10. The unemployment rate in Turkey remained at 8.6 percent in September, showing no change compared to the previous month. The industrial production index increased by 1.6 percent on a monthly basis in September, while it decreased by 2.4 percent on an annual basis.

TÜİK will announce the 2023 provincial gross domestic product data on December 12. While Istanbul took the highest share in GDP with 30.4 percent in the previous year, Kocaeli ranked first in GDP per capita with 302 thousand 772 Turkish liras in the same period.

On the same day, the Central Bank will announce the balance of payments statistics for October. Turkey's current account had a surplus of 2 billion 988 million dollars in September, and a surplus of 7 billion 734 million dollars excluding gold and energy.

The Ministry of Treasury and Finance will announce the budget implementation results for November on December 16. Central government budget revenues were recorded as 769 billion 207 million liras and expenditures as 955 billion 478 million liras in October.

Income distribution statistics for this year will also be announced. Furthermore, foreign trade statistics for November will be shared with the public on the last day of this year.

BUDGET MARATHON TO CONTINUE IN THE GENERAL ASSEMBLY

The budget marathon that began in the TBMM Planning and Budget Committee will move to the General Assembly in December. Budget negotiations will begin in the General Assembly on December 9 and continue until December 20.

Negotiations on the budgets of public administrations will be completed in 8 rounds; after the rounds are finished, the articles of the budget and final account bill will be voted on.

WORKERS EAGERLY AWAIT THE MINIMUM WAGE HIKE

In the final month of the year, millions of workers and employers will have their eyes on the Minimum Wage Determination Commission. Minister of Labor and Social Security Vedat Işıkhan stated earlier this week, "We will conduct the process as we did last year. We will come together with the parties in the first or second week of December; we are ready. We will announce the process once the minimum wage calendar is set."

In the commission, the worker side will be represented by officials from the Confederation of Turkish Trade Unions (TÜRK-İŞ), and the employer side by officials from the Turkish Confederation of Employer Associations (TİSK). Representatives from the Ministry of Labor and Social Security will also be at the table.