During the last two weeks, the Turkish economy was highlighted by the following items:
- CPI index decreased by 0.4%m/m in May10 for the first time since Aug09. The annual rate came back to single digit (+9.1%).
- Industrial Production increased by 17%y/y in April10.
- Foreign Trade deficit widened by US$5.4bn in April10, up by 110% on y/y terms.
- Turkey – Israel relations came under great pressure following a bloody clash between the Israeli Army and a Turkish-sponsored “Free Gaza” fleet that caused the death of nine Turkish activists.