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Industrial Production Rises 4.5% y/y, Erdogan to Call for Elections in Speech Today

TURKEY
  • Turkey’s seasonally and calendar adjusted industrial production rose 4.5% y/y (Est: 2.1%, Prior: -0.4%r), 1.9% m/m (Est: 0.7%, Prior: 1.7%r), data released this morning revealed. Turkstat says it used alternative data sources including e-invoices due to lower response rates from areas affected by earthquakes. The adjusted unemployment rate fell to 9.7% in January from revised 10.2% in December, its lowest rate since January 2020.
  • President Erdogan will speak at 1100GMT/1400 local time in Ankara where he is expected to officially call for elections. The presidential decision will then be published in the Official Gazette on March 11.
  • Turkey’s main opposition Republican People’s Party (CHP) leader Kemal Kilicdaroglu has said that he will ‘definitely’ visit the pro-Kurdish Peoples’ Democratic Party (HDP) during his presidential campaign, local newspaper Duvar reported yesterday after the Turkish Constitutional Court lifted a block on the state funding of the HDP party. However, IYI Party leader Aksener ruled out the possibility of the HDP being given ministerial positions in the Opposition Alliance in exchange for the party’s support for Kilicdaroglu.
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