Skip to main content

Key economic data suggests Turkey turning corner

Slowing inflation and a smaller-than-expected contraction in the economy could mean Turkey is emerging from a year-long downturn.
People shop at a bazaar in Istanbul, Turkey, May 29, 2019. REUTERS/Murad Sezer - RC1904437D30

ISTANBUL — Better-than-expected economic data this week signaled Turkey may be turning the page on a painful downturn that has left millions out of work and sparked a voter backlash against President Recep Tayyip Erdogan’s ruling party in nationwide municipal elections earlier this year.

On Tuesday, official data showed inflation had reached 15% in August — its lowest level in more than a year, beating a forecast of 15.5% in a Reuters survey. The easing was helped by declines in the prices of transportation, clothing and food, according to the state statistics agency.

Access the Middle East news and analysis you can trust

Join our community of Middle East readers to experience all of Al-Monitor, including 24/7 news, analyses, memos, reports and newsletters.

Subscribe

Only $100 per year.