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Manufacturing Confidence, Capacity Utilisation Rise Slightly in May

TURKEY
  • Turkey's manufacturing confidence rose slightly to 108.3 in May from 108.0 in April, according to data from the central bank. Adjusted manufacturing confidence was 105.1 while capacity utilisation rose to 76.0% from 75.4%.
  • The rates banks charge on consumer loans have climbed by 26.5ppt since March 10, Ekonomi report. They report that the banking sector, which is trying to meet both TRY deposit rate and conversion rate targets set at the end of March have increased deposit rates while also increasing interest on consumer loans in order not to incur losses on such loans and to reduce supply.
  • According to the data from the Ministry of Treasury and Finance, the central government debt stock grew by TRY553.9bln (~EUR25.85bln) in the first four months of the year, climbing to TRY4.6trln.
  • According to Turkstat, the number of buildings started to be constructed in the first quarter decreased by 9.2%, Cumhuriyet report. Sector officials say there’s a “housing supply crisis” which has the risk to turn into a housing crisis as builders are challenged with costs and citizens can’t buy.
  • The CBRT rate decision takes focus on Thursday, with most sell-side analysts expecting no change ahead of the runoff vote between President Erdogan and Kemal Kilicdaroglu on Sunday.
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