CarthagoTurkish banking dataGDP growth holds at 2.5% in Jan 2026 · industrial production fell to -0.3% in May 2026 (−4.6pp over 12m)
Chart data: 13 rows, Date from 2023-01-01 to 2026-01-01. GDP growth (y/y): 3.96 at the start, 2.48 at the end, ranging 2.25 to 6.5. The full data follows as a table.
| Date | GDP growth (y/y) |
|---|---|
| 2023-01-01 | 3.9602884675268957 |
| 2023-04-01 | 4.601181716867031 |
| 2023-07-01 | 6.500226543210497 |
| 2023-10-01 | 4.9092433868922924 |
| 2024-01-01 | 5.265777991852483 |
| 2024-04-01 | 2.250041554781057 |
| 2024-07-01 | 2.823122517543908 |
| 2024-10-01 | 3.2003063158520195 |
| 2025-01-01 | 2.453822192761934 |
| 2025-04-01 | 4.65334159828199 |
| 2025-07-01 | 3.832995042686904 |
| 2025-10-01 | 3.4207116581964403 |
| 2026-01-01 | 2.4763302462811554 |
Chart data: 37 rows, Date from 2023-05-01 to 2026-05-01. Industrial production (y/y): 0.95 at the start, -0.33 at the end, ranging -4.72 to 12. The full data follows as a table.
| Date | Industrial production (y/y) |
|---|---|
| 2023-05-01 | 0.9514407745786269 |
| 2023-06-01 | 1.4817133210510924 |
| 2023-07-01 | 8.593909995118821 |
| 2023-08-01 | 3.9436418852019095 |
| 2023-09-01 | 6.1651831715160865 |
| 2023-10-01 | 1.9812089906951158 |
| 2023-11-01 | 1.239186848325713 |
| 2023-12-01 | 2.265616145163052 |
| 2024-01-01 | 1.5570191744118 |
| 2024-02-01 | 11.9960318985753 |
| 2024-03-01 | 4.393435234876852 |
| 2024-04-01 | -0.9692642874563839 |
| 2024-05-01 | -0.0849050826701836 |
| 2024-06-01 | -4.71579969173046 |
| 2024-07-01 | -3.480834067605143 |
| 2024-08-01 | -4.422516380764585 |
| 2024-09-01 | -2.565536484418973 |
| 2024-10-01 | -2.719378337935252 |
| 2024-11-01 | 1.8472540352611144 |
| 2024-12-01 | 4.808864552234704 |
| 2025-01-01 | 1.7466089065379276 |
| 2025-02-01 | -3.0413320104817676 |
| 2025-03-01 | 1.9234369517118877 |
| 2025-04-01 | 2.360815059110122 |
| 2025-05-01 | 4.254517575785122 |
| 2025-06-01 | 7.077753609266857 |
| 2025-07-01 | 4.481606854797526 |
| 2025-08-01 | 6.681251536543531 |
| 2025-09-01 | 3.0054055866398643 |
| 2025-10-01 | 2.8416696166616573 |
| 2025-11-01 | 2.7157892046761223 |
| 2025-12-01 | -1.2413842665934927 |
| 2026-01-01 | -1.804410617359431 |
| 2026-02-01 | 2.8916406991517762 |
| 2026-03-01 | -1.5744610310945428 |
| 2026-04-01 | 6.728354332623754 |
| 2026-05-01 | -0.32920262314335424 |
Unemployment 8.2%; participation falling.
Chart data: 37 rows, Date from 2023-05-01 to 2026-05-01. Unemployment rate: 9.5 at the start, 8.2 at the end, ranging 7.8 to 9.5. Participation rate: 53.6 at the start, 52.8 at the end, ranging 52.4 to 54.6. The full data follows as a table.
| Date | Unemployment rate | Participation rate |
|---|---|---|
| 2023-05-01 | 9.5 | 53.6 |
| 2023-06-01 | 9.3 | 52.9 |
| 2023-07-01 | 9.4 | 53.4 |
| 2023-08-01 | 9.1 | 53.2 |
| 2023-09-01 | 9 | 53.2 |
| 2023-10-01 | 8.5 | 52.9 |
| 2023-11-01 | 8.9 | 53 |
| 2023-12-01 | 8.9 | 54 |
| 2024-01-01 | 9.2 | 53.8 |
| 2024-02-01 | 8.6 | 54.6 |
| 2024-03-01 | 8.8 | 54.4 |
| 2024-04-01 | 8.6 | 54 |
| 2024-05-01 | 8.4 | 54.6 |
| 2024-06-01 | 9.1 | 54 |
| 2024-07-01 | 9 | 54 |
| 2024-08-01 | 8.5 | 54 |
| 2024-09-01 | 8.6 | 54.1 |
| 2024-10-01 | 8.7 | 54.2 |
| 2024-11-01 | 8.4 | 54.1 |
| 2024-12-01 | 8.6 | 54.1 |
| 2025-01-01 | 8.5 | 54 |
| 2025-02-01 | 8.2 | 53.2 |
| 2025-03-01 | 8 | 53.9 |
| 2025-04-01 | 8.6 | 53.6 |
| 2025-05-01 | 8.4 | 53.4 |
| 2025-06-01 | 8.6 | 53.7 |
| 2025-07-01 | 8.1 | 53.2 |
| 2025-08-01 | 8.5 | 53.6 |
| 2025-09-01 | 8.6 | 53.5 |
| 2025-10-01 | 8.5 | 53.5 |
| 2025-11-01 | 8.6 | 53.4 |
| 2025-12-01 | 7.8 | 53.1 |
| 2026-01-01 | 8.1 | 52.4 |
| 2026-02-01 | 8.4 | 52.8 |
| 2026-03-01 | 8.1 | 53 |
| 2026-04-01 | 8.2 | 52.4 |
| 2026-05-01 | 8.2 | 52.8 |
Chart data: 37 rows, Date from 2023-05-01 to 2026-05-01. Employed: 31.72 at the start, 32.46 at the end, ranging 31.4 to 32.95. The full data follows as a table.
| Date | Employed |
|---|---|
| 2023-05-01 | 31.724 |
| 2023-06-01 | 31.403000000000002 |
| 2023-07-01 | 31.686 |
| 2023-08-01 | 31.672 |
| 2023-09-01 | 31.713 |
| 2023-10-01 | 31.727 |
| 2023-11-01 | 31.717000000000002 |
| 2023-12-01 | 32.306 |
| 2024-01-01 | 32.096000000000004 |
| 2024-02-01 | 32.823 |
| 2024-03-01 | 32.673 |
| 2024-04-01 | 32.483000000000004 |
| 2024-05-01 | 32.952 |
| 2024-06-01 | 32.332 |
| 2024-07-01 | 32.373 |
| 2024-08-01 | 32.588 |
| 2024-09-01 | 32.657000000000004 |
| 2024-10-01 | 32.657000000000004 |
| 2024-11-01 | 32.718 |
| 2024-12-01 | 32.71 |
| 2025-01-01 | 32.692 |
| 2025-02-01 | 32.361000000000004 |
| 2025-03-01 | 32.841 |
| 2025-04-01 | 32.441 |
| 2025-05-01 | 32.424 |
| 2025-06-01 | 32.587 |
| 2025-07-01 | 32.475 |
| 2025-08-01 | 32.553 |
| 2025-09-01 | 32.502 |
| 2025-10-01 | 32.584 |
| 2025-11-01 | 32.496 |
| 2025-12-01 | 32.585 |
| 2026-01-01 | 32.1 |
| 2026-02-01 | 32.286 |
| 2026-03-01 | 32.547000000000004 |
| 2026-04-01 | 32.178 |
| 2026-05-01 | 32.463 |
CPI fell to 32.1% in Jun 2026 (−2.9pp over 12m)
Chart data: 37 rows, Date from 2023-07-01 to 2026-07-01. CPI (y/y): 47.83 at the start, 32.11 at the end, ranging 30.65 to 75.45. CBRT cost of funding: 15.31 at the start, 40 at the end, ranging 15.31 to 51.36. The full data follows as a table.
| Date | CPI (y/y) | CBRT cost of funding |
|---|---|---|
| 2023-07-01 | 47.831733307401095 | 15.31095238095238 |
| 2023-08-01 | 58.94353368806395 | 18.09227272727273 |
| 2023-09-01 | 61.52986461383583 | 26.169047619047618 |
| 2023-10-01 | 61.35701105169655 | 30.27409090909091 |
| 2023-11-01 | 61.98016605561012 | 35.76681818181818 |
| 2023-12-01 | 64.77291859068686 | 40.51380952380952 |
| 2024-01-01 | 64.8569149400415 | 42.70318181818182 |
| 2024-02-01 | 67.06919193088945 | 45.23952380952381 |
| 2024-03-01 | 68.49537313071615 | 47.28761904761906 |
| 2024-04-01 | 69.8024675940787 | 51.35722222222222 |
| 2024-05-01 | 75.44594801149734 | 50.54454545454546 |
| 2024-06-01 | 71.59715592997165 | 50.1064705882353 |
| 2024-07-01 | 61.78100337370927 | 50 |
| 2024-08-01 | 51.97452780301026 | 50.33761904761904 |
| 2024-09-01 | 49.384993852763245 | 50.71904761904763 |
| 2024-10-01 | 48.584708788127706 | 50 |
| 2024-11-01 | 47.09272073194559 | 50 |
| 2024-12-01 | 44.378771424028464 | 49.83000000000001 |
| 2025-01-01 | 42.11802299020802 | 46.90909090909091 |
| 2025-02-01 | 39.05095761148188 | 45 |
| 2025-03-01 | 38.10382944582984 | 43.693000000000005 |
| 2025-04-01 | 37.85866364644805 | 46.959999999999994 |
| 2025-05-01 | 35.405044152595934 | 48.39000000000001 |
| 2025-06-01 | 35.04865712412333 | 46.87210526315789 |
| 2025-07-01 | 33.522409247916144 | 45.31818181818182 |
| 2025-08-01 | 32.95018219755157 | 43 |
| 2025-09-01 | 33.294011471927675 | 41.55227272727273 |
| 2025-10-01 | 32.866855722764484 | 40.27272727272727 |
| 2025-11-01 | 31.074841098442963 | 39.5 |
| 2025-12-01 | 30.892328316136354 | 38.58695652173913 |
| 2026-01-01 | 30.652780124071576 | 37.729523809523805 |
| 2026-02-01 | 31.53483745488579 | 37 |
| 2026-03-01 | 30.865453527292573 | 39.8247619047619 |
| 2026-04-01 | 32.3717402432574 | 40 |
| 2026-05-01 | 32.61480199456586 | 40 |
| 2026-06-01 | 32.10903603221191 | 40 |
| 2026-07-01 | 40 |
Chart data: 37 rows, Date from 2023-06-01 to 2026-06-01. CPI (m/m): 3.92 at the start, 0.99 at the end, ranging 0.87 to 9.49. The full data follows as a table.
| Date | CPI (m/m) |
|---|---|
| 2023-06-01 | 3.9204982294152924 |
| 2023-07-01 | 9.488824253502969 |
| 2023-08-01 | 9.086793184263065 |
| 2023-09-01 | 4.753114317601748 |
| 2023-10-01 | 3.433981463644531 |
| 2023-11-01 | 3.2810972435571406 |
| 2023-12-01 | 2.9272073046543223 |
| 2024-01-01 | 6.7033097126645735 |
| 2024-02-01 | 4.529188216583968 |
| 2024-03-01 | 3.162670931639977 |
| 2024-04-01 | 3.179759465070675 |
| 2024-05-01 | 3.3680634296666456 |
| 2024-06-01 | 1.6407739312664038 |
| 2024-07-01 | 3.225556099357152 |
| 2024-08-01 | 2.474416266459789 |
| 2024-09-01 | 2.968198451495918 |
| 2024-10-01 | 2.879865093544276 |
| 2024-11-01 | 2.244017689587019 |
| 2024-12-01 | 1.0281383253037735 |
| 2025-01-01 | 5.032500784613125 |
| 2025-02-01 | 2.2733317987985613 |
| 2025-03-01 | 2.459991331573841 |
| 2025-04-01 | 2.996591856244901 |
| 2025-05-01 | 1.528310390109966 |
| 2025-06-01 | 1.3732546994702943 |
| 2025-07-01 | 2.0589559337431673 |
| 2025-08-01 | 2.035249288509955 |
| 2025-09-01 | 3.2344897823703977 |
| 2025-10-01 | 2.5501749194504653 |
| 2025-11-01 | 0.8650223490828779 |
| 2025-12-01 | 0.8874635286571841 |
| 2026-01-01 | 4.840279086102073 |
| 2026-02-01 | 2.9637950401797175 |
| 2026-03-01 | 1.9385699899295172 |
| 2026-04-01 | 4.182102576767921 |
| 2026-05-01 | 1.714737258000798 |
| 2026-06-01 | 0.9866376631448182 |
Chart data: 37 rows, Date from 2023-07-01 to 2026-07-01. Current year-end: 43.82 at the start, 29.21 at the end, ranging 23.23 to 68.01. Next year-end: 24.86 at the start, 21.47 at the end, ranging 17.75 to 41.7. 12 months ahead: 33.21 at the start, 23.95 at the end, ranging 22.1 to 45.28. The full data follows as a table.
| Date | Current year-end | Next year-end | 12 months ahead |
|---|---|---|---|
| 2023-07-01 | 43.82 | 24.86 | 33.21 |
| 2023-08-01 | 59.46 | 34.82 | 42.01 |
| 2023-09-01 | 67.22 | 38.59 | 44.94 |
| 2023-10-01 | 68.01 | 40.93 | 45.28 |
| 2023-11-01 | 67.23 | 41.7 | 43.94 |
| 2023-12-01 | 65.39 | 41.23 | 41.23 |
| 2024-01-01 | 42.04 | 25.44 | 39.09 |
| 2024-02-01 | 42.96 | 25.2 | 37.78 |
| 2024-03-01 | 44.19 | 26.29 | 36.7 |
| 2024-04-01 | 44.16 | 26.29 | 35.17 |
| 2024-05-01 | 43.64 | 25.61 | 33.21 |
| 2024-06-01 | 43.52 | 25.51 | 31.79 |
| 2024-07-01 | 42.95 | 25.4 | 30.02 |
| 2024-08-01 | 43.31 | 25.55 | 28.71 |
| 2024-09-01 | 43.14 | 25.26 | 27.49 |
| 2024-10-01 | 44.11 | 25.64 | 27.44 |
| 2024-11-01 | 44.81 | 26.22 | 27.2 |
| 2024-12-01 | 45.28 | 27.07 | 27.07 |
| 2025-01-01 | 27.05 | 18.67 | 25.38 |
| 2025-02-01 | 28.3 | 19.1 | 25.26 |
| 2025-03-01 | 28.04 | 19.11 | 24.55 |
| 2025-04-01 | 29.98 | 20.28 | 25.56 |
| 2025-05-01 | 30.35 | 20.55 | 25.06 |
| 2025-06-01 | 29.86 | 20.44 | 24.56 |
| 2025-07-01 | 29.66 | 20.41 | 23.39 |
| 2025-08-01 | 29.69 | 20.4 | 22.84 |
| 2025-09-01 | 29.86 | 20.75 | 22.25 |
| 2025-10-01 | 31.77 | 22.13 | 23.26 |
| 2025-11-01 | 32.2 | 23.21 | 23.49 |
| 2025-12-01 | 31.17 | 23.35 | 23.35 |
| 2026-01-01 | 23.23 | 17.75 | 22.2 |
| 2026-02-01 | 24.11 | 18.4 | 22.1 |
| 2026-03-01 | 25.38 | 18.71 | 22.17 |
| 2026-04-01 | 27.53 | 20.13 | 23.39 |
| 2026-05-01 | 28.94 | 21.07 | 23.82 |
| 2026-06-01 | 29.14 | 21.39 | 23.81 |
| 2026-07-01 | 29.21 | 21.47 | 23.95 |
Chart data: 37 rows, Date from 2023-07-01 to 2026-07-01. Ex-ante real funding rate: -13.44 at the start, 12.95 at the end, ranging -16.84 to 18.66. The full data follows as a table.
| Date | Ex-ante real funding rate |
|---|---|
| 2023-07-01 | -13.436714675360417 |
| 2023-08-01 | -16.84228383404498 |
| 2023-09-01 | -12.950843370327302 |
| 2023-10-01 | -10.328957248698444 |
| 2023-11-01 | -5.678186618161618 |
| 2023-12-01 | -0.5071093083555023 |
| 2024-01-01 | 2.5977293969241755 |
| 2024-02-01 | 5.414083182990126 |
| 2024-03-01 | 7.745149266729379 |
| 2024-04-01 | 11.975454777111949 |
| 2024-05-01 | 13.012946066020149 |
| 2024-06-01 | 13.898224894328326 |
| 2024-07-01 | 15.366866635902166 |
| 2024-08-01 | 16.80337118143036 |
| 2024-09-01 | 18.220289920031107 |
| 2024-10-01 | 17.702448210922796 |
| 2024-11-01 | 17.9245283018868 |
| 2024-12-01 | 17.91138742425438 |
| 2025-01-01 | 17.17107266636697 |
| 2025-02-01 | 15.759220820692965 |
| 2025-03-01 | 15.369731031714174 |
| 2025-04-01 | 17.043644472762033 |
| 2025-05-01 | 18.655045578122497 |
| 2025-06-01 | 17.91273704492444 |
| 2025-07-01 | 17.771441622645124 |
| 2025-08-01 | 16.411592315206768 |
| 2025-09-01 | 15.789180145008386 |
| 2025-10-01 | 13.802309973006066 |
| 2025-11-01 | 12.964612519232311 |
| 2025-12-01 | 12.35261979873461 |
| 2026-01-01 | 12.708284623178233 |
| 2026-02-01 | 12.203112203112209 |
| 2026-03-01 | 14.450979704315214 |
| 2026-04-01 | 13.461382607990924 |
| 2026-05-01 | 13.067355839121308 |
| 2026-06-01 | 13.076488167353206 |
| 2026-07-01 | 12.948769665187566 |
The 12-month current account is −$37.3bn and dropped over the year — against USD/TRY and the real effective exchange rate.
Chart data: 751 rows, Date from 2023-07-28 to 2026-07-28. USD/TRY: 26.93 at the start, 47.27 at the end, ranging 26.41 to 47.27. The full data is available from this chart's CSV download.
Chart data: 37 rows, Date from 2023-06-01 to 2026-06-01. REER (CPI based): 77.02 at the start, 104.9 at the end, ranging 72.79 to 106.1. The full data follows as a table.
| Date | REER (CPI based) |
|---|---|
| 2023-06-01 | 77.02 |
| 2023-07-01 | 72.79 |
| 2023-08-01 | 78.3 |
| 2023-09-01 | 82.97 |
| 2023-10-01 | 83.8 |
| 2023-11-01 | 82.75 |
| 2023-12-01 | 82.84 |
| 2024-01-01 | 85.56 |
| 2024-02-01 | 87.69 |
| 2024-03-01 | 87.24 |
| 2024-04-01 | 89.97 |
| 2024-05-01 | 92.34 |
| 2024-06-01 | 93.02 |
| 2024-07-01 | 94.38 |
| 2024-08-01 | 93.33 |
| 2024-09-01 | 94.09 |
| 2024-10-01 | 97.11 |
| 2024-11-01 | 100.41 |
| 2024-12-01 | 100.76 |
| 2025-01-01 | 104.77 |
| 2025-02-01 | 104.54 |
| 2025-03-01 | 102.57 |
| 2025-04-01 | 100.53 |
| 2025-05-01 | 99.13 |
| 2025-06-01 | 97.44 |
| 2025-07-01 | 96.46 |
| 2025-08-01 | 97.23 |
| 2025-09-01 | 98.54 |
| 2025-10-01 | 99.99 |
| 2025-11-01 | 99.86 |
| 2025-12-01 | 98.94 |
| 2026-01-01 | 102.09 |
| 2026-02-01 | 102.79 |
| 2026-03-01 | 104.46 |
| 2026-04-01 | 106.07 |
| 2026-05-01 | 105.7 |
| 2026-06-01 | 104.9 |
Chart data: 37 rows, Date from 2023-05-01 to 2026-05-01. Current account: -56.3 at the start, -37.29 at the end, ranging -56.3 to -9.25. ex gold: -26.93 at the start, -18.95 at the end, ranging -26.93 to 3.48. ex gold & energy: 45.03 at the start, 29.47 at the end, ranging 26.54 to 51.97. The full data follows as a table.
| Date | Current account | ex gold | ex gold & energy |
|---|---|---|---|
| 2023-05-01 | -56.299 | -26.933 | 45.03124 |
| 2023-06-01 | -52.484 | -22.663 | 45.92217 |
| 2023-07-01 | -54.701 | -24.109 | 42.09454 |
| 2023-08-01 | -52.746 | -21.374 | 41.36029 |
| 2023-09-01 | -48.057 | -18.211000000000002 | 41.33475 |
| 2023-10-01 | -47.284 | -19.088 | 38.13951 |
| 2023-11-01 | -45.914 | -18.814 | 35.59753 |
| 2023-12-01 | -41.821 | -16.172 | 36.55256 |
| 2024-01-01 | -34.113 | -12.316 | 37.92803 |
| 2024-02-01 | -28.496000000000002 | -9.495000000000001 | 39.28535 |
| 2024-03-01 | -27.532 | -8.274000000000001 | 39.70144 |
| 2024-04-01 | -27.7 | -8.345 | 39.48809 |
| 2024-05-01 | -21.042 | -3.303 | 44.10815 |
| 2024-06-01 | -21.479 | -4.416 | 42.95823 |
| 2024-07-01 | -15.027000000000001 | -0.154 | 47.573699999999995 |
| 2024-08-01 | -10.997 | 1.604 | 49.61031 |
| 2024-09-01 | -11.091000000000001 | 1.421 | 49.21808 |
| 2024-10-01 | -9.254 | 3.48 | 51.317730000000005 |
| 2024-11-01 | -9.893 | 3.271 | 51.96807000000001 |
| 2024-12-01 | -13.027000000000001 | 0.629 | 49.66726000000001 |
| 2025-01-01 | -14.565 | -0.761 | 48.20286000000001 |
| 2025-02-01 | -16.624 | -1.968 | 47.36018000000001 |
| 2025-03-01 | -17.518 | -3.234 | 46.715190000000014 |
| 2025-04-01 | -21.016000000000002 | -5.736 | 44.31643000000001 |
| 2025-05-01 | -21.301000000000002 | -5.264 | 44.25229 |
| 2025-06-01 | -24.198 | -7.672000000000001 | 41.80214 |
| 2025-07-01 | -23.782 | -7.022 | 42.16396 |
| 2025-08-01 | -23.535 | -6.538 | 42.25355 |
| 2025-09-01 | -25.679000000000002 | -7.37 | 41.061229999999995 |
| 2025-10-01 | -26.998 | -7.542 | 41.015069999999994 |
| 2025-11-01 | -27.767 | -7.695 | 40.05973999999999 |
| 2025-12-01 | -30.336000000000002 | -10.261000000000001 | 37.01606999999999 |
| 2026-01-01 | -33.016 | -12.662 | 33.69455999999999 |
| 2026-02-01 | -35.122 | -14.672 | 31.00425999999999 |
| 2026-03-01 | -39.762 | -18.856 | 26.544179999999994 |
| 2026-04-01 | -36.933 | -17.388 | 29.465429999999994 |
| 2026-05-01 | -37.287 | -18.953 | 29.471949999999993 |
Chart data: 37 rows, Date from 2023-05-01 to 2026-05-01. Net errors & omissions: 0.21 at the start, -29.93 at the end, ranging -33.16 to 4.53. The full data follows as a table.
| Date | Net errors & omissions |
|---|---|
| 2023-05-01 | 0.20800000000000002 |
| 2023-06-01 | 4.531 |
| 2023-07-01 | 2.317 |
| 2023-08-01 | 3.709 |
| 2023-09-01 | 1.776 |
| 2023-10-01 | -2.831 |
| 2023-11-01 | -4.213 |
| 2023-12-01 | -9.875 |
| 2024-01-01 | -9.512 |
| 2024-02-01 | -13.087 |
| 2024-03-01 | -18.45 |
| 2024-04-01 | -13.387 |
| 2024-05-01 | -0.704 |
| 2024-06-01 | -6.841 |
| 2024-07-01 | -5.626 |
| 2024-08-01 | -11.412 |
| 2024-09-01 | -11.314 |
| 2024-10-01 | -9.618 |
| 2024-11-01 | -12.852 |
| 2024-12-01 | -10.562 |
| 2025-01-01 | -8.516 |
| 2025-02-01 | -9.488 |
| 2025-03-01 | -4.727 |
| 2025-04-01 | -10.39 |
| 2025-05-01 | -13.193 |
| 2025-06-01 | -12.012 |
| 2025-07-01 | -17.188 |
| 2025-08-01 | -13.394 |
| 2025-09-01 | -14.731 |
| 2025-10-01 | -19.712 |
| 2025-11-01 | -21.975 |
| 2025-12-01 | -18.82 |
| 2026-01-01 | -23.131 |
| 2026-02-01 | -28.446 |
| 2026-03-01 | -33.159 |
| 2026-04-01 | -29.289 |
| 2026-05-01 | -29.928 |
The primary balance is +0.8% of GDP — in surplus. Treasury general budget, 12m rolling.
Chart data: 37 rows, Date from 2023-06-01 to 2026-06-01. Budget balance: -3.71 at the start, -2.74 at the end, ranging -5.53 to -2.38. Primary balance: -1.42 at the start, 0.82 at the end, ranging -2.91 to 1.22. Cash balance: -3.48 at the start, -3 at the end, ranging -5 to -2.14. The full data follows as a table.
| Date | Budget balance | Primary balance | Cash balance |
|---|---|---|---|
| 2023-06-01 | -3.7052947150555022 | -1.41889288366477 | -3.4760330820978216 |
| 2023-07-01 | -2.6989006172313643 | -0.6703203213116377 | -2.493078404074253 |
| 2023-08-01 | -2.4295352024910097 | -0.12379318288957109 | -2.2981473224482327 |
| 2023-09-01 | -2.668842387924162 | -0.20133179612871455 | -2.45078106303908 |
| 2023-10-01 | -2.380662991953955 | -0.24105428850696342 | -2.141294219278228 |
| 2023-11-01 | -2.400471068759181 | -0.002428919592468225 | -2.174145937207383 |
| 2023-12-01 | -5.117146008912016 | -2.6301950267009424 | -2.5441187643014858 |
| 2024-01-01 | -4.8882630894740995 | -2.422465922151355 | -2.6397792675378087 |
| 2024-02-01 | -5.04694434240595 | -2.515454448383321 | -2.8587102129583384 |
| 2024-03-01 | -5.5297803585337295 | -2.906220861262991 | -3.2994014103258564 |
| 2024-04-01 | -4.882185494912761 | -2.361834831080986 | -3.1539014443526283 |
| 2024-05-01 | -4.485373915139453 | -1.9432816117882945 | -2.8924957031297756 |
| 2024-06-01 | -4.521793370943139 | -1.8068615814047924 | -3.328312752949611 |
| 2024-07-01 | -4.378146995701626 | -1.8247706862778434 | -3.50990216278317 |
| 2024-08-01 | -4.970965765289911 | -2.3929875204221664 | -4.250992559813238 |
| 2024-09-01 | -4.882738712996076 | -2.112331242624391 | -4.329743436887229 |
| 2024-10-01 | -4.58247854363667 | -1.9274810677615846 | -4.25172809988503 |
| 2024-11-01 | -4.8689595877898215 | -2.0981706952246686 | -4.608179055132657 |
| 2024-12-01 | -5.058612276794692 | -2.2139938833467108 | -4.896112167661017 |
| 2025-01-01 | -4.620599814269945 | -1.8929537807948236 | -4.555369426809848 |
| 2025-02-01 | -4.984509906045115 | -2.0802096720049703 | -4.859338582994054 |
| 2025-03-01 | -5.099578824852839 | -2.014676047563275 | -4.995243257381289 |
| 2025-04-01 | -4.68767621721807 | -1.5834945864047534 | -4.746601975225604 |
| 2025-05-01 | -4.680593693443504 | -1.5754382792184374 | -4.5547260927131505 |
| 2025-06-01 | -4.918038167623815 | -1.476574139372033 | -4.774574033707151 |
| 2025-07-01 | -4.316662265415476 | -1.1106809020878932 | -4.23192947659082 |
| 2025-08-01 | -3.850128147769187 | -0.5006327979362667 | -3.719189263845905 |
| 2025-09-01 | -4.248317255615575 | -0.7465038893409737 | -4.160145321977324 |
| 2025-10-01 | -3.8861873151182107 | -0.6511389000767814 | -3.7050684379649734 |
| 2025-11-01 | -3.5964739006359445 | -0.4064821086766336 | -3.339629810434561 |
| 2025-12-01 | -3.064520572423071 | 0.19119658869510092 | -3.5853610419608035 |
| 2026-01-01 | -2.974238244916159 | 0.5003011360823912 | -3.3030178248618327 |
| 2026-02-01 | -2.4643957836603883 | 1.075343348309542 | -2.9167392961425223 |
| 2026-03-01 | -2.432670824778115 | 1.2174962870175217 | -2.8966186381059784 |
| 2026-04-01 | -2.6506295435110165 | 0.9950326844971538 | -2.918807975695982 |
| 2026-05-01 | -3.458305178711327 | 0.21368636095783325 | -3.82485508036225 |
| 2026-06-01 | -2.7445215854572655 | 0.8177332908808131 | -2.9958096032343695 |
| Primary balance | 0.8% | +2.3% |
| Budget balance | -2.7% | +2.2% |
| Cash balance | -3.0% | +1.8% |
Garanti BBVA Research — Türkiye Economic Outlook 1Q26 (March 2026). Forecasts assume a short-lived conflict; biases are to higher inflation and weaker growth if it lasts.
| 2023 | 2024 | 2025 | 2026 (f) | |
|---|---|---|---|---|
| GDP growth (avg) | 5.0% | 3.3% | 3.6% | 4.0% |
| Unemployment rate (avg) | 9.4% | 8.7% | 8.4% | 9.0% |
| Inflation (avg) | 53.9% | 58.5% | 34.9% | 28.0% |
| Inflation (eop) | 64.8% | 44.4% | 30.9% | 25.0% |
| CBRT cost of funding (avg) | 20.5% | 49.6% | 43.6% | 35.8% |
| CBRT cost of funding (eop) | 42.5% | 47.5% | 38.0% | 32.0% |
| USD/TRY (avg) | 23.7 | 32.8 | 39.5 | 47.3 |
| USD/TRY (eop) | 29.4 | 35.3 | 42.8 | 52.0 |
| EUR/TRY (avg) | 25.7 | 35.5 | 44.7 | 55.7 |
| EUR/TRY (eop) | 32.6 | 36.7 | 50.3 | 62.2 |
| Current account (% GDP) | -3.6% | -1.0% | -1.9% | -2.4% |
| CG primary balance (% GDP) | -2.6% | -1.9% | 0.4% | 0.1% |
| CG budget balance (% GDP) | -5.1% | -4.7% | -2.9% | -3.5% |