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Industrial production index up in April

Industrial production index up in April

The calendar-adjusted industrial production jumped 66% in April compared to the same month of last year, according to the Turkish Statistical Institute (TurkStat). The improvement with the base effect was especially backed by the sub-index of the manufacturing sector, the TurkStat data showed. The manufacturing index soared 72.3% year-on-year in April while the electricity, gas,...

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Retail sales volume up 42% in April

Retail sales volume up 42% in April

The country’s retail sales volume, a marker of growing consumer spending, surged 41.7% year-on-year in April with base effect amid the coronavirus pandemic, according to the Turkish Statistical Institute (TurkStat). Excluding automotive fuel, non-food sales soared 74.6%, while automotive fuel sales climbed 38.5% compared to the same month of last year, the TurkStat said. Food,...

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CAD to reach USD 2.4bn in April

CAD to reach USD 2.4bn in April

The country’s current account balance is projected to post a deficit of USD 2.43bn, an Anadolu Agency survey found on Friday. The Turkish Central Bank will release the balance of payments figures on Monday. Estimates of a group of 14 economists for April ranged between USD 1.95bn and USD 3.8bn. The end-2021 current account balance...

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Total turnover nearly doubles

Total turnover nearly doubles

The national economy’s total turnover nearly doubled in April, up 97% compared to the same period last year, according to the Turkish Statistical Institute (TurkStat). The improvement stemmed from rises in sectors of industry, construction, trade, and services, TurkStat said in a statement. The turnover for the industry sector surged 120.4% year-on-year in April while...

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Unemployment sees 13.9% in April

Unemployment sees 13.9% in April

Unemployment came in at 13.9% this April, up 0.9 percentage points from the previous month, according to the Turkish Statistical Institute (TurkStat). The number of unemployed age 15 and over rose 275,000 month-on-month to 4.5 million in April, TurkStat said in a statement. The youth unemployment rate – age 15-24 – climbed to 25.6% in...

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Child labor hits 160 million

Child labor hits 160 million

The number of children in child labor has climbed to 160 million worldwide, according to a new report by the International Labor Organization (ILO) and UNICEF. The figure posted an increase of 8.4 million in the last four years, said the report released ahead of World Day Against Child Labor on June 12. “….the progress...

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What matters this morning

What matters this morning

Koc Holding Vice President Ali Koc, who also chairs Fenerbahce Sports Club, met with financial journalists on Fenerbahce Television’s (FB TV) live broadcast. Koc made statements on many issues from broadcaster to football coach and the Fenerbahce’s economic situation. “The performance of TRY in the last four years has seriously broken our back. The economy...

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Turkey to open ‘Black Sea Gas Contract’ for future trade by October 1

Turkey to open ‘Black Sea Gas Contract’ for future trade by October 1

Black Sea gas will help reduce Turkey’s natural gas costs even before production: Turkey’s energy regulatory authority Turkey’s gas discovery of 540 billion cubic meters with a market value over USD 100bn will be open for trading under the name ‘Black Sea Gas Contract’ in Turkey’s future gas market which will launch on October 1...

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UAE cancels TAV’s contract

UAE cancels TAV’s contract

BY KERIM ULKER Political problems between Turkey and the Gulf countries are reflected on the economy as well. United Arab Emirates (UAE) has cancelled the contract of a USD 3bn worth airport terminal project undertaken by the airport operator and contractor TAV Airports Holding. TAV Airports won the Abu Dhabi Airport and terminal tender announced...

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New closure case against HDP

New closure case against HDP

The Supreme Court of Appeals Chief Public Prosecutor’s Office filed a lawsuit demanding the permanent closure of the Peoples’ Democratic Party (HDP). The indictment was sent to the Constitutional Court. The indictment requesting the closure of HDP, which was returned by the Constitutional Court with the request of completing the deficiencies, was re-prepared by the...