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Trade Deficit Widens to $6.52bln in October

TURKEY
  • Turkey’s trade deficit rose to $6.52bln (Est: -$6.7bln) in October from a revised deficit of $5.04bln in September, according to the Turkish Statistical Institute. Exports rose 7.4% y/y while imports rose 0.6% y/y.
  • Meanwhile, economic confidence fell to 95.31 in November from 96.53 in October.
  • Stagnation is deepening within the housing market due to a triple bind of high mortgage rates and quantity restrictions, high housing prices due to construction costs, and post-election anticipation, Dunya report.
  • The ‘Force majeure’ period initiated in the 11 provinces following the earthquakes on Feb 6 is set to expire tomorrow.
  • Central bank Governor Erkan will address businesspeople at a meeting organised by the Istanbul Chamber of Industry later today while President Erdogan addresses his party’s lawmakers at noon. There are no major releases left on the docket today. Q3 GDP data is the highlight of the week and will cross tomorrow morning (Est: +5.3% y/y).
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