During the last two weeks, the Turkish economy was highlighted by the following items:
- GDP declined by 7.7%y/y in 2ndQ09, however at a slower pace compared to the -13.8% GDP drop in 1stQ09
- Disinflation process keeps on going on as CPI rose by 5.3%y/y in July, down from the 5.4% figure recorded in June.
- Current Account posted a surplus of US$0.3bn in July, mainly thanks to tourism revenues
- Industrial Production contraction slowdown in July to -9.2%y/y (v.s. -9.7%y/y in June and -17%y/y for the Jan.-July period)
- IMF: Turkey may not require an IMF loan if Gov’t proves to maintain fiscal discipline, stated the Central Bank Governor