Turkey’s ruling Justice and Development Party (AKP) appears to have lost control of city hall in Ankara and is neck and neck with the opposition in Istanbul, according to preliminary results from Sunday's municipal elections. In the capital, Mansur Yavas, candidate of an alliance led by the main opposition Republican People’s Party (CHP), has taken the lead. Meanwhile in Istanbul, Turkey's largest city and its commercial hub, opposition candidate Ekrem Imamoglu reportedly leads former Prime Minister Binali Yildirim, according to the latest data provided by Turkey’s official Supreme Election Board.

Why it matters: These elections are the first since President Recep Tayyip Erdogan assumed sweeping executive powers last year. As such, they are widely seen as a vote of confidence in his single-handed rule. The results have no direct bearing on the central government, but are widely viewed as a rebuke to the government, especially over a bruising economic downturn marked by soaring prices and an unemployment rate heading to its highest level in three decades.

The nationwide turnout was below 83%, down from 87.5% in the June 24 elections, Turkey’s state-run Anadolu news agency reported. The decline is believed to have been triggered mainly by disgruntled AKP supporters shunning the polls.

Symbolic meaning of Istanbul: The fall of Istanbul in particular would be a watershed event for the AKP. Erdogan’s ascent to the helm of power began in Istanbul in 1994, when he was elected mayor of the city. Beyond its symbolic significance, the loss of Istanbul — a metropolis of more than 15 million people and Turkey’s industrial and commercial hub — would deprive the AKP of abundant economic resources, which have been instrumental in currying favor with voters and expanding the party’s base.