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Current Account Deficit Widens, Automobile Production and Exports Fall

TURKEY
  • The current account balance printed at -$4.01bln (Est. -$3.70bln), showing a widening of the deficit from a prior -$3.46bln. Unemployment data hit a 2-year-low of 10.1%, down from a revised 10.4%.
  • Dunya report that inflationary pressures and a sharp decline in the lira caused a rapid increase in automobile prices, reducing demand. According to a monthly bulletin by the Automotive Manufacturers Association, Turkey’s motor vehicle production fell 13.3% in August compared to a year prior while vehicle exports declined 21.9% y/y. Sector representatives have therefore called for an adjustment to the special consumption tax to avoid a contraction in sales in Q3.
  • Tourism professionals are preparing for the busiest winter of the last 3 years, Dunya report. According to the tour operators that bring tourists to Turkey, 1 to 3 million Europeans are expected to prefer Turkey for their winter holidays compared to other destinations. Agencies expect a 50% increase in holiday reservations across November.
  • Greek Prime Minister Mitsotakis says he’s open to meeting with Turkish President Erdogan as tensions between the two nations continue to rise over land disputes. Citing Mitsotakis, Bloomberg report that Greece supports the presence of Turkey at a meeting of the French-led European Political Community that is scheduled to take place in Prague in October.
  • President Erdogan will speak today at 0900 BST (1100 local time) in Istanbul before chairing an AKP meeting later this afternoon.
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