Latest news with #TurkStat
Bloomberg
03-06-2025
- Business
- Bloomberg
Turkey's Annual Inflation Slows to 35.4% in May
Turkey's annual inflation eased in May to the lowest since November 2021, potentially paving the way for an imminent resumption of interest-rate cuts and a boost to businesses. Price rises slowed to 35.4% last month from 37.9% in April, data from state statistics office TurkStat showed on Tuesday, compared with the median forecast of 36% in a Bloomberg survey of analysts.
Yahoo
12-05-2025
- Business
- Yahoo
Where did real wages rise and fall the most in Europe in 2024?
Annual gross wages increased in nominal terms in nearly all 32 European countries in 2024, with the exception of a very slight decline in Finland. However, this does not take inflation into account. When adjusted for consumer price inflation, real wages slightly decreased in four countries. This shows that the impact of nominal wage increases is reduced when inflation is considered. So, which European countries saw the biggest real wage gains and cuts in 2024? The figures are based on a single worker without children earning the average wage, expressed in national currencies. According to the OECD's Taxing Wages 2025 report and Eurostat data, among EU countries, the UK, three EFTA members, and candidate country Turkey, Turkey stands out as an outlier with an 82.9% increase in annual nominal gross wages in 2024 compared to 2023. This sharp rise is largely driven by the country's very high inflation rate of 58.3%. Still, this was enough to give Turkey the highest real wage growth before tax, at 15.5%. On the other hand, opposition parties and the former head of TurkStat have claimed that the official inflation figures are manipulated, suggesting the actual rate may be significantly higher. Romania followed Turkey in both nominal (20.9%) and real wage growth (14.3%). A lower inflation rate of 5.8% contributed to Romania's stronger real wage increase. Bulgaria ranks third in real wage growth at 9.2%, driven by a 12% nominal wage increase and a relatively low inflation rate of 2.6%. Apart from these three countries, real wage growth also exceeded 7% in five others: Malta (9%), Hungary (8.9%), Latvia (8.4%), Poland (7.8%) and Lithuania (7.2%). Southern European countries recorded modest real wage gains. Italy saw a 2.7% increase, Greece 1.7%, Spain 1.9%, and Cyprus 2.1%. These figures are higher than those in much of Western Europe. However, they remain well below the strong growth seen in Eastern Europe. Among Europe's five largest economies, Italy recorded the highest real wage growth at 2.7%, followed by Germany (2.2%) and Spain (1.9%). The UK saw a 1.6% increase, while France reported the lowest growth at just 0.7%. Four countries recorded negative real wage growth. That means wages did not keep up with inflation, so purchasing power declined in these countries. Belgium recorded the largest real wage decline at 1% in 2024. Two Nordic countries—Finland (-0.9%) and Iceland (-0.7%)—also saw negative growth. Luxembourg experienced a slight decline of 0.4% in real wages compared to 2023. These figures indicate strong real wage growth in Eastern Europe, while Southern and Central Europe experienced more moderate increases. The Nordic and Benelux countries recorded mostly flat or negative real wage growth. Among the 32 countries, Finland was the only one where nominal average wages declined in 2024—though only slightly, by just €14, from €52,907 to €52,893. With annual inflation at just 0.9%, the resulting real wage decline was minimal. All these changes reflect wages before tax. Therefore, any changes in personal income tax or employee social security contributions may affect net earnings. According to the report, in 2022 and 2023, real wages had declined in a majority of OECD countries, including Europe. When comparing inflation rates across Europe in 2024, Turkey was a clear outlier with an exceptionally high rate of 58.3%, as shown in the table above. No other country recorded inflation above 6%. These figures reflect the 12-month average rate of change as of December 2024, with some based on OECD estimates.
Qatar Tribune
05-05-2025
- Business
- Qatar Tribune
Turkey's inflation cools to below 38% to extend slide to 11 months
Agencies Turkey's annual inflation slowed for the 11th month in a row to the lowest in more than three years, easing to below 38% in April, according to official data on Monday. Consumer price rises slowed to 37.9%, down from 38.1% in March, figures from the Turkish Statistical Institute (TurkStat) showed. Market surveys projected an annual reading of around 38%. The April rate marks the lowest level since December 2021, when prices had risen 36.08%. The continued decline is positive, and the government expects inflation to keep falling, Treasury and Finance Minister Mehmet Şimşek said 'The fight against the high cost of living is the most important item on the agenda,' Şimşek told an interview with broadcaster TGRT Haber. 'We expect a normalization after July. By the end of the year, we foresee that annual inflation will fall below 30%.' Month-over-month, consumer prices grew 3%, compared to 2.46% in March, the TurkStat data showed. Surveys had estimated a 3.1% increase on the back of energy prices and foreign exchange pass-through. The annual rise was driven by a surge in education costs (79.2%), housing (74%), hotels and restaurants (41.8%) and health care spend (41.9%). The price growth in food and non-alcoholic beverages eased to 36.09% from 37.12%. Similarly, furnishings and household equipment costs moderated to 30.54% from 32.41%. Turkey's annual inflation exceeded 75% in May 2024, before starting to slow in June amid aggressive monetary tightening as part of the government's economic program. 'We continue to establish the disinflation process thanks to our steadfastly implemented economic program,' Vice President Cevdet Yılmaz wrote on the social media platform X. Recent weeks have seen Turkey's central bank reverse its easing cycle amid volatility after last month's arrest of Istanbul Mayor Ekrem Imamoğlu on corruption charges pending a trial, and uncertainty about U.S. tariffs. The arrest of Imamoğlu sent the Turkish lira and assets sharply lower. The currency later recovered some losses but still stood some 5% weaker compared to before the arrest. Economists have said that food prices and energy prices, as well as prices of items that are directly impacted by currency volatility, could impact April inflation due to the recent shake up in the market. The central bank began to gradually cut its benchmark interest rate in December and lowered it to 42.5% in early March. But it reversed the cycle last month with a surprise 350-basis-point rate hike to 46%, which boosted Turkish assets and signaled renewed commitment to tackling inflation. Although market volatility in mid-March caused some deterioration of inflation expectations, the government said the impact of the turmoil is temporary and limited and inflation will be in line with the central bank's target range. 'The (economic) program's aim has been to reduce inflation for nearly two years. Annual inflation has been trending downward for the past 11 months,' Şimşek said on Monday. 'Despite recent internal and external shocks, the continued decline is positive. What matters now is the next phase.' Şimşek said the government expects the downward momentum to continue and sees a high probability that inflation will remain within the target forecast range. The central bank's year-end inflation midpoint estimate currently stands at 24%, in a forecast range of 19% to 29%.'The impact of monetary policy has become clearly evident. This year, fiscal and revenue policies will create a more supportive effect,' he noted. 'We expect the disinflation process to persist in the second half of this year.' Yılmaz said the government would 'steadfastly continue' its fight against inflation 'through the program we have implemented with strong coordination.' 'In an increasingly uncertain global environment, we will enhance our relative performance with political stability and predictability. Our goal is to grow our economy in a stable manner and sustainably raise societal welfare levels,' he noted. Bürümcekçi Research & Consultancy said in a note that in the near term, monetary policy will be shaped by risks to financial stability rather than price stability. 'While we see a low probability that the central bank will return to rate cuts at its June meeting, we think that signals in this direction will only strengthen if the weighted average funding cost approaches 46.0% and substantial foreign-exchange reserve losses give way to steady reserve accumulation,' it said. A separate report from the statistical office showed that producer prices climbed 22.5% in April from a year ago. This was weaker than March's 23.5% increase and marked the lowest rate since October 2020. Prices of mining and quarrying climbed 29.59%, and manufacturing reported a 22.65% rise. Producer prices of electricity, gas, steam, and air conditioning grew 14.45% and advanced 58.14% for water supply. Month-over-month, producer prices moved up 2.76% after rising 1.88% in the prior month.
Shafaq News
17-04-2025
- Business
- Shafaq News
Iraq's Turkiye property empire wanes: Fall from top spot continues
Shafaq News/ Iraqi nationals ranked fifth among foreign buyers of real estate in Turkiye in March. According to the Turkish Statistical Institute (TurkStat), Turkiye's overall home sales rose 5.1% year-on-year in March, with a total of 110,705 properties sold nationwide. However, sales to foreign nationals declined by 11.5%, totaling 1,475 homes, compared to the same month in 2024. Russian citizens led the list of foreign buyers with 275 homes purchased, followed by Iranians with 153, Ukrainians with 124, and Germans with 97. Iraqis purchased 115 homes, placing them fifth on the list — marking a continued decline in their ranking in recent years. Iraqis had consistently topped the list of foreign homebuyers in Turkiye since 2015. However, their ranking slipped to second place behind Iranians in early 2021, and then to third in April 2022, as Russians began to dominate the Turkish property market.
Bloomberg
03-03-2025
- Business
- Bloomberg
Turkish Inflation Dips Under 40%, Fueling Rate Cut Expectations
Turkish annual inflation dipped below 40% in February ahead of an anticipated interest-rate cut this week. Inflation slowed to 39.1% in February from 42.1% the prior month, state statistics agency TurkStat said Monday. The median forecast in a survey of analysts by Bloomberg expected 39.9%.
