We are entering a week packed with data. The Turkish Statistical Institute (TurkStat) will release the industrial production index, retail sales, and turnover indices for October on Tuesday.
TurkStat will also announce paid employee statistics for October as well as housing sales statistics and the Producer Price Index for Agricultural Products for November on Wednesday. Meanwhile, the Central Bank will release the private sector’s outstanding loans received abroad for October, and the Treasury and Finance Ministry will announce the central government budget balance figures for November on the same day.
The Central Bank will also release the Residential Property Price Index and short-term external debt statistics for October on Friday.
In addition, the regulation regarding the victims of delayed pension age (EYT), who have been claiming their rights to be retired for the last 12 years, and the announcement of the 2023 minimum wage will also be critical developments this week.
In terms of internal affairs, the Cabinet convenes under the presidency of President Recep Tayyip Erdogan today. It is expected to discuss the EYT (the victims of delayed pension age) regulation, the minimum wage, foreign policy, and anti-terrorism issues. the Confederation of Turkish Trade Unions (TURK-IS) made a statement saying that they would not accept a figure they do not feel comfortable with. The Republican People’s Party (CHP) Leader Kemal Kilicdaroglu will be in Germany between December 14-17 to meet with investment institutions and academics.
The final speeches on the budget will be made and the 2023 budget will be voted on Friday.
The current account balance posted a USD 359m deficit in October, according to the Central Bank. The 12-month current account deficit has reached USD 43.5bn as of October.
The unemployment rate increased by 0.1 points to 10.2% in October, month-over-month, according to TurkStat.
The Construction Cost Index (CCI) jumped 117.07% in October, compared to the same month last year, according to TurkStat. The CCI rose by 3.44% on a monthly basis.
IN OUR MAGAZINE THIS WEEK:
>> On the cover: Russian halal exports to Arab countries are expected to hit USD 400m by 2024, according to Maxim Protasov, Head of the Russian Quality System (RusQuality). “Turkey has large potential. Russia’s halal product export market is not limited to the Middle East,” Protasov says. You can read the details on pages 8-9.
>> Professor Ilter Turan says on page 10 that ‘Political change may be approaching in Iran’.
>> Q&A: Alex Tapscott, Writer, speaker, investor, and advisor focused on the impact of emerging technologies, such as blockchain and cryptocurrencies, on business, society, and government. P. 11.
>> Chief Economist Gunduz Findikcioglu: Economics in action. You can read the details on pages 12-13.
>> As ranks are tightening, Turkey is excluded, according to our Foreign Policy Columnist Zeynep Gurcanli. You can read the details on page 14.
>> The number of organic agricultural producers reached 48,000 in Turkey, which ranks 3rd in Europe and 12th in the world in terms of organic agricultural producers, according to daily EKONOMI.
>> Mayor of Istanbul Ekrem Imamoglu stated that the Bostanci-Dudullu metro line will be opened on the first day of 2023 as a new year’s gift.
>> President Recep Tayyip Erdogan talked over the phone with his Russian counterpart Vladimir Putin to discuss energy, bilateral relations, grain corridor and counterterrorism.