Domestically, all eyes are turned towards inflation and growth figures
The markets will focus on growth, exports, and inflation figures for the next week.
The Turkish Statistical Institute (TÜİK) will announce the foreign trade statistics for April tomorrow. Export decreased by 4.1 percent compared to the same month of the previous year, reaching 22 billion 571 million dollars, while imports decreased by 6.3 percent to 29 billion 912 million dollars in March. The foreign trade deficit decreased by 12.4 percent to 7 billion 341 million dollars compared to the same month of the previous year.
On the same day, the Economic Confidence Index for May will also be shared. The index had decreased by 1 percent on a monthly basis to 99 in April.
First quarter growth figures will be announced
TÜİK will share the gross domestic product (GDP) data for the January-March period of this year with the public on May 31 at 10:00.
The Turkish economy grew by 4.5 percent in 2023 and by 4 percent in the last quarter of 2023. Thus, while the Turkish economy grew for 14 consecutive quarters, the GDP at current prices according to the production method increased by 75 percent compared to the previous year in 2023, reaching 26 trillion 276 billion 307 million liras.
Economists participating in the 1st Quarter Growth Expectation Survey estimated that the Turkish economy grew by 5.9 percent annually in the first quarter of this year. Economists' growth expectations for the first quarter of 2024 range from 4.2 to 7 percent.
May inflation figures will be revealed
It is expected that Trade Minister Ömer Bolat will announce the export data for May in Istanbul on June 3.
Bolat had stated, "Our exports reached 19 billion 271 million dollars in April, which corresponds to an increase of 0.13 percent. The main reason for the limited increase is the approximately 1-week closure of factories during the Ramadan Eid holiday in the first half of April."
On the same day, TÜİK will also share the inflation figures for May. The CPI was 3.18 percent on a monthly basis and the PPI was 3.6 percent in April, with annual rates of 69.8 percent and 55.66 percent, respectively.
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