TR Economy & Updates

[Bozan]

TURKSTAT Corporate

data.tuik.gov.tr

Gross Domestic Product (GDP) increased by 4.5% in 2023

Gross Domestic Product obtained by addition of four quarters with chain linked volume index (2009=100), increased by 4.5% in 2023 compared with the previous year.

Gross domestic product at current prices increased by 75.0% and reached 26 trillion 276 billion 307 million TRY in 2023 compared with the previous year.

Gross Domestic Product per capita was 307 952 TRY in 2023

The gross domestic product per capita was 307 952 TRY and 13 110 US Dollars at current prices in 2023

Danger if not managed correctly:

https://twitter.com/i/web/status/1763123781852135798

https://twitter.com/i/web/status/1763123789770920008

 

[Bozan]

https://twitter.com/i/web/status/1762821045285691504

Number 1!

 

[TheInsider]

I expect another devaluation after the elections. 1 dollar will be 40 TL.

 

[fushkee]

They have already .ucked up the economy and will .uck up that until they go!

 

[Lool]

The Turkish economy grew by 4.5 percent in 2023, above the Medium Term Program (MTP), exceeding 1.1 trillion dollars.
National income per capita increased to 13 thousand 110 dollars.
One third of the growth in 2023 came from investments in machinery and equipment that increased our productive capacity.
In line with our program, the balancing in growth that started in the third quarter of the year continued in the last quarter.
Indicators for 2024 indicate that balancing and improvement in the current account deficit continues.
We are moving towards our program goals

https://twitter.com/i/web/status/1763137024465203211

 

[BalkanTurk90]

https://twitter.com/i/web/status/1762821045285691504

Number 1!

Thats only for Istanbul or even in other cities ?? In istanbul its normal when have so many people and emigrants just like im london . Then thats 5x increase its aslo bacause of lira just like with other products and servives .

We should compare it with other countries:

- London / 2200 pound Salary / 2000 rent) 90%

- Mosxow / 100 000 Rub/ 70 000 rent)70%

- Athens / 1200 Eur / 500 rent) 40%

- Sofia / 3000 bgn / 1000 rent) 35%

- Ankara / 30 000 TL / 15 000 rent 50%

(So its not that bad like in london but in london those who suffers are emmigrats because native are almost all rich

 

[Tornadoss]

Thats only for Istanbul or even in other cities ?? In istanbul its normal when have so many people and emigrants just like im london . Then thats 5x increase its aslo bacause of lira just like with other products and servives .

We should compare it with other countries:

- London / 2200 pound Salary / 2000 rent) 90%

- Mosxow / 100 000 Rub/ 70 000 rent)70%

- Athens / 1200 Eur / 500 rent) 40%

- Sofia / 3000 bgn / 1000 rent) 35%

- Ankara / 30 000 TL / 15 000 rent 50%

(So its not that bad like in london but in london those who suffers are emmigrats because native are almost all rich

Is the number of newly constructed building same as in Istanbul? In Europe, it's hard to make a construction, here in Czech republic you apply for permit but it could take up to 5 years to get it, because you shouldn't suppose to change the aesthetics of the city and old buildings are protected. On the other side, everywhere in Turkey is a construction zone.

 

[what]

Average income in London is around 44k GBP, average rent 2.5k GBP p month or around 30k GBP per year.
Still bad, but Brits are usually sharing apartments.

Average monthly rents hit £2,500 in London and £1,190 for rest of UK

Average asking price reached record levels inside and outside capital in first three months of 2023, Rightmove finds

www.theguardian.com

UK full-time annual salary by region 2023 | Statista

Average earnings in London were higher than the rest of the UK in 2023, with earnings varying significantly across UK regions.

www.statista.com

Whats the situation for Istanbul or Istanbul, any official numbers?

 

[_Mu_]

Where are Europe’s most expensive cities for renters?

Our “Carrie Bradshaw index” moves across the pond

www.economist.com

How Europe’s cities stack up in the cost-of-living index

The region is home to some of this year’s biggest climbers

www.economist.com

 

[Scott Summers]

Turkmenistan signs gas deal with Turkey, eyeing European sales

If finalized, Turkmenistan can reduce reliance on China as dominant customer

ANTALYA, Turkey -- Officials from Turkmenistan and Turkey signed two preliminary agreements on Friday for the Central Asian country to supply gas to Turkey and onward to Europe, deals that would aid Ankara's bid to become a regional energy hub.

Turkmenistan signs gas deal with Turkey, eyeing European sales

If finalized, Turkmenistan can reduce reliance on China as dominant customer

asia.nikkei.com

 

[B_A]

Turkish economy 'balancing' as improvement in trade gap continues

Treasury and Finance Minister Mehmet Şimşek announced Saturday that the annual improvement in the foreign trade deficit reached a total of $13.2 billion...

www.dailysabah.com

 

[Heartbang]

And here I was, wondering why the US stance softened like a kitty all of a sudden. That surely explains it!

https://twitter.com/i/web/status/1765104469199446125

USA's LNG export chart. Turkey became the 3rd largest LNG buyer of the USA in December 2023, after the UK and the Netherlands.

 

[what]

Turkey has bought more LNG from the US in 2022 and 2021 than in the previous year, 2023.

U.S. Liquefied Natural Gas Exports to Turkiye

www.eia.gov

What leads you to your assumption?

 

[Bozan]

https://twitter.com/i/web/status/1765759607694123373

 

[Rooxbar]

As someone who expected and predicted a massive devaluation past election, I predict no such devaluation will happen this time as reserves are better than last time (not good but still), monetary policy has changed for the better (although fdi hasn't improved) and monetary base expansion rate has slowed down (not enough).

Devaluation will accelerate, but to about twice what it is now and that for a couple of months. So I expect it to get to 38 in two months after the election but go back to being controlled to increase only by 1 tl every month. By the end of 2024, I expect it to be around 42.

 

[UkroTurk]

Don't worry for us.

This temp of rise is quite enough for us

AMK öyro 35'i geçti. Now there is no difference if currency doubled or tripled. Pensioners have been slaughtered. İmpossible to live with minumum wage. Wonderful.

 

[Huelague]

As someone who expected and predicted a massive devaluation past election, I predict no such devaluation will happen this time as reserves are better than last time (not good but still), monetary policy has changed for the better (although fdi hasn't improved) and monetary base expansion rate has slowed down (not enough).

Devaluation will accelerate, but to about twice what it is now and that for a couple of months. So I expect it to get to 38 in two months after the election but go back to being controlled to increase only by 1 tl every month. By the end of 2024, I expect it to be around 42.

What is the reason for the devaluation and how to prevent it?

 

[TR_123456]

And here I was, wondering why the US stance softened like a kitty all of a sudden. That surely explains it!

https://twitter.com/i/web/status/1765104469199446125

Why do we buy LNG from the US instead of Qatar?
Why LNG when we have a gas pipeline from Russia?
WTF???

 

[Scott Summers]

So thats the reason the US is softening their tone. Not only Biden, but also all senators and congressmen from both the Republican and Democrat sides.

In relations with USA money is the red line. Saddam Hussein and the Shah of Iran were Washington' best friends when they bought US weapons in the 70's and 80's.

 

[what]

Why do we buy LNG from the US instead of Qatar?
Why LNG when we have a gas pipeline from Russia?
WTF???

To be a bit less dependent on Russia I assume. Also, LNG is sometimes cheaper on the spot market than on the long-term take it or leave it contracts we have with the Russians.
Qatar has little capacity left, most of their clients are long term contracts. Germany has to wait like 2 years for their first Qatari gas delivery.