All eyes on the Central Bank: 3rd Inflation Report to be announced

Central Bank of the Republic of Turkey Governor Fatih Karahan will share the 3rd Inflation Report of the year with the public. In the economy, all eyes are focused on steps taken to combat inflation and growth data for the April-June period.

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All eyes on the Central Bank: 3rd Inflation Report to be announced

Central Bank of the Republic of Turkey (CBRT) Governor Fatih Karahan will share the 3rd Inflation Report of the year with the public today.

In his previous report presentation, Karahan had stated, "We have updated our 2024 year-end inflation forecast upward by 2 points to 38 percent. We have maintained our 2025 and 2026 forecasts at 14 percent and 9 percent, respectively."

The Turkish Statistical Institute (TÜİK) will announce the industrial production index data for June on Friday. The index increased by 1.7 percent on a monthly basis in May, while it showed a 0.1 percent decrease on an annual basis.

The institute will also announce the labor force statistics for June on August 12. The unemployment rate in Turkey decreased by 0.1 points compared to the previous month in May, reaching 8.4 percent. In the same period, the number of unemployed people was recorded as 3 million 11 thousand.

Building permit statistics for the second quarter of the year will be shared on August 16. All eyes will then turn to the labor force statistics for the April-June period on August 19.

MARKETS EYE INTEREST RATES

The markets will have their eyes on the CBRT Monetary Policy Committee (MPC) on August 20. The Central Bank will announce the policy interest rate. In its July meeting, the committee kept the one-week repo auction rate, which is the policy rate, unchanged at 50 percent.

TÜİK will also announce the foreign trade statistics for July and the economic confidence index data for August at the end of the month.

SECOND QUARTER GROWTH DATA

TÜİK will announce the gross domestic product (GDP) data for the second quarter of the year on September 2. Turkey recorded 5.7 percent growth in the first quarter of this year. The GDP estimate by production method in the first quarter increased by 90 percent at current prices compared to the same quarter of the previous year, reaching 8 trillion 822 billion 248 million liras, and 285 billion 572 million dollars in dollar terms at current prices.

August inflation data will be announced on September 3. In July, the CPI increased by 3.23 percent on a monthly basis, and the D-PPI increased by 1.94 percent. Annual inflation was 61.78 percent in consumer prices and 41.37 percent in domestic producer prices.

News Source: 12punto