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TURKEY: Trade Deficit Slightly Narrower-Than-Expected in January

TURKEY
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  • Turkey’s trade deficit narrowed to $7.538bln in January from a revised -$8.79bln in December, according to the Turkish Statistical Institute. That’s a slightly narrower deficit compared to the -$7.70bln expected. Exports rose 5.8% y/y while imports rose 9.6% y/y.
  • Meanwhile, Turkey's economic confidence fell to 99.192 in February from 99.704 in January, a very slight moderation compared to last month’s multi-month high.
  • Police detained Mayor Alaattin Koseler of the opposition CHP as part of an investigation into tender corruption, state-run Anadolu Agency report, marking the latest of a series of high-profile arrests into journalists and politicians.
  • Meanwhile, Cunhurriyet report that Istanbul Mayor Ekrem Imamoglu is expected to make the first speech of his presidential candidacy today at the CHP Headquarters in Ankara. As a reminder, Turkish prosecutors are said to be seeking a 7-year prison sentence against the mayor for allegedly targeting the city’s chief prosecutor.
  • Looking ahead to tomorrow, Q4-2024 GDP figures are set for release, with growth expected to accelerate to 2.5% Y/Y compared to 2.1% in Q3, and GDP growth expected to turn positive on a quarterly basis. January unemployment rate figures will also be released.
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  • Turkey’s trade deficit narrowed to $7.538bln in January from a revised -$8.79bln in December, according to the Turkish Statistical Institute. That’s a slightly narrower deficit compared to the -$7.70bln expected. Exports rose 5.8% y/y while imports rose 9.6% y/y.
  • Meanwhile, Turkey's economic confidence fell to 99.192 in February from 99.704 in January, a very slight moderation compared to last month’s multi-month high.
  • Police detained Mayor Alaattin Koseler of the opposition CHP as part of an investigation into tender corruption, state-run Anadolu Agency report, marking the latest of a series of high-profile arrests into journalists and politicians.
  • Meanwhile, Cunhurriyet report that Istanbul Mayor Ekrem Imamoglu is expected to make the first speech of his presidential candidacy today at the CHP Headquarters in Ankara. As a reminder, Turkish prosecutors are said to be seeking a 7-year prison sentence against the mayor for allegedly targeting the city’s chief prosecutor.
  • Looking ahead to tomorrow, Q4-2024 GDP figures are set for release, with growth expected to accelerate to 2.5% Y/Y compared to 2.1% in Q3, and GDP growth expected to turn positive on a quarterly basis. January unemployment rate figures will also be released.