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TURKEY: First Meeting to Discuss 2025 Minimum Wage to be Held Today

TURKEY
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  • The first meeting to discuss the 2025 minimum wage will be held today at the Ministry of Labor and Social Security. The central bank’s year-end inflation estimate for 2024 is 44% and the year-end estimate for 2025 is 21%. According to local press, the minimum wage hike is expected to be guided by the latter, with a 21% increase representing a rise to TRY 20,572 a month.
  • Vice President Cevdet Yılmaz says inflation will be in line with the forecast range specified in the central bank report, Dunya report. “The downward trend in inflation, tight monetary policy, macroprudential measures and the stable course of the lira show that the disinflation process has begun to be effective,” Yilmaz said.
  • Turkey's adjusted unemployment rate rose to 8.8% in October from revised 8.7% in September, according to the Turkish Statistical Institute. Meanwhile, seasonally and calendar adjusted industrial production fell 0.9% m/m in October versus a revised +1.6% in September. On a year-on-year basis, industrial production fell 3.1%.
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  • The first meeting to discuss the 2025 minimum wage will be held today at the Ministry of Labor and Social Security. The central bank’s year-end inflation estimate for 2024 is 44% and the year-end estimate for 2025 is 21%. According to local press, the minimum wage hike is expected to be guided by the latter, with a 21% increase representing a rise to TRY 20,572 a month.
  • Vice President Cevdet Yılmaz says inflation will be in line with the forecast range specified in the central bank report, Dunya report. “The downward trend in inflation, tight monetary policy, macroprudential measures and the stable course of the lira show that the disinflation process has begun to be effective,” Yilmaz said.
  • Turkey's adjusted unemployment rate rose to 8.8% in October from revised 8.7% in September, according to the Turkish Statistical Institute. Meanwhile, seasonally and calendar adjusted industrial production fell 0.9% m/m in October versus a revised +1.6% in September. On a year-on-year basis, industrial production fell 3.1%.