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Boosted Bookings Not Enough to Underpin Tourism Sector

TURKEY
  • Dunya write that despite hotel use and tourism activity rising to fill hotels across Turkey, the rise in costs have increased at such a rate that the sector remains unprofitable. The piece cites the President of the Professional Hotel Managers Association as saying the rise in costs “has not been good for businesses”. The CBRT stated that the tourism sector was key to addressing current account balance issues at last week’s rate decision.
  • The New York Times writes that Erdogan continues to alarm U.S. officials, despite his key role in brokering the grain deal between Russia and Ukraine. The piece writes that officials expressed skepticism about whether Russia was acting in good faith on the deal, adding that privately, Erdogan has remained a source of substantial irritation for Biden administration officials.
  • Capacity utilization ticked higher in July, rising to 78.2% from 77.6% previously. Meanwhile, real sector confidence deteriorated, dropping to 102.50 and a new multi-year low.
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