During the last three weeks, the Turkish economy was highlighted by the following items:
- CPI index decreased by -0.3%m/m in Nov10, bringing down the annual inflation rate to 6.4% for 2010, slightly below CBT’s target of 6.5%.
- Foreign Trade deficit widened by US$7.7bn in Nov10, up by 107% on y/y terms.
- Current Account deficit widened by US$5.9bn in Nov10, bringing the 12-month rolling deficit to US$44.9bn (from US$40.8bn the previous month), increasing year-end CA/GDP expectation to 6.4%.
- Gross External Debt increased by US$16.0bn (of which US$12.0bn is due to exchange rate effects) to US$282.3bn in 3rdQ10.