|
Overview of monthly data
|
YTL-Rates |
1.7. |
31.7. |
Change in % |
|
YTL per Euro |
2.0059 |
1.9062 |
-5.0 |
|
YTL per USD |
1.5773 |
1.5026 |
-4.7 |
|
|
|
|
|
|
Stock exchange index |
35,453.31 |
36,101.89 |
1.8 |
|
|
|
|
|
|
Inflation in % |
Monthly inflation |
Annual inflation |
|
|
Producer
prices |
0.86 |
14.34 |
|
|
Consumer
prices |
0.85 |
11.69 |
|
(Dünya/DIE 1.7./31.7.06/haber3.com)
Foreign trade figures
|
Export |
July |
August 2005 - July 2006 |
|
|
Export (in
million USD) |
6.9 |
79.3 |
|
(Dünya TIM data, 2.8.06)
|
| |
June
|
|
|
In
million USD |
2005 |
2006 |
Increae in
% |
|
Export |
6,039 |
7,582 |
25.6 |
|
Import |
9,947 |
11,798 |
18.6 |
|
Deficit |
-3,909 |
-4,216 |
7.9 |
|
(TÜIK data)
|
Ambitious 3-year macro targets from the government
The medium term fiscal plan accepted by the Higher Planning Council aims to attain a growth rate of over 7% each year for the next 3 year period covering 2007-2009. The plan will cut the interest burden of the budget to half by the end of this period and connected to this, emphasize personnel and social expenditures. Budgetary expenditures estimated at
174.3 billion YTL this year are expected to reach 205.7 billion YTL in 2009 whereas the estimated revenues
160.3 billion YTL are expected to reach 210.1 billion YTL in 2009. The budget, expected to produce a deficit of
8.8 billion in 2007 and 2.8 billion YTL in 2008, is estimated to produce a surplus of
4.4 billion YTL in 2009.
(Dünya 19.07.2006)
Stock exchange exceeded 35,000 with the encouragement of FED
US FED Chairman Bernanke issued a statement saying that inflation is under control and that diminishing expectations of a parallel interest hike changed the direction towards buying in the ÝMKB, as in other stock exchanges. The composite stock index closed the first session at 35,113 points with an increase of 1,559 points. At the first session, where the stocks appreciated by 4.65% on average, the total transaction volume was
719.6 million YTL. Meanwhile the dollar rate fell to 1,5530 YTL, its lowest levels in recent history.
(Milliyet 20.07.2006)
Exports broke a record in June with 7.7 billion USD
Exports in June came close to 7.7 billion USD, increasing 28.42% with respect to the same period in the previous year. TÝM President Oguz Satici in his statement mentioned that in the first 6 months of this year
39.905 billion USD exports were realized. In June this amounted to
7.685 billion USD. The previous year’s exports as of the end of June equaled
78.032 billion USD with an increase of 11.56%.
(Dünya 03.07.2006)
|
Sector |
Annual (USD) |
Change (%) |
|
AGRICULTURE |
9,789,163 |
20.83 |
|
INDUSTRY |
66,512,471 |
10.03 |
|
-Agriculture based products |
6,887,583 |
7.46 |
|
-Chemical materials |
7,796,104 |
34.75 |
|
-Industrial products |
51,828,782 |
7.41 |
|
Ready-to-wear clothing |
13,573,846 |
-0.34 |
|
Transportation vehicles and side industry |
14,112,651 |
11.36 |
|
Electricity and electronics |
7,685,138 |
17.09 |
|
Machinery and spare parts |
2,861,970 |
18.70 |
|
Iron and non-iron metals |
3,401,586 |
24.31 |
|
Iron and steel products |
7,030,626 |
-3.28 |
|
Cement and earth products |
2,011,933 |
3.16 |
|
Precious metals |
1,112,972 |
11.18 |
|
Other industrial products |
38,062 |
24.91 |
|
MINING |
1,730,764 |
24.26 |
|
TOTAL |
78,032,397 |
11.56 |
6.3% economic growth
It was announced last weekend by TUIK that the economy grew by 6.3% in the first quarter of 2006. Change ratios of national income calculated quarterly by TUIK are as follows.
(Dünya
03.07.2006)
|
Growth Rates (%) |
|
|
1st quarter |
2nd quarter |
3rd quarter |
4th quarter |
Annual |
|
2000 |
4.2 |
5.4 |
7.2 |
7.8 |
6.3 |
|
2001 |
-3.3 |
-12.3 |
-9.1 |
-12.3 |
-9.5 |
|
2002 |
0.6 |
10.4 |
8.0 |
11.8 |
7.9 |
|
2003 |
7.4 |
3.6 |
5.6 |
7.2 |
5.9 |
|
2004 |
13.9 |
15.7 |
5.7 |
6.6 |
9.9 |
|
2005 |
7.5 |
4.7 |
8.0 |
10.02 |
7.6 |
|
2006 |
6.3 |
|
|
|
|
Unemployment fell to 9.9%
The unemployment rate continued its seasonal downward trend to 9.9% in April having fallen 1 point with respect to the previous month. The unemployment rate was 12.2% in cities and 6.5% in rural areas whereas the number of unemployed fell by 3000 people.
|
In thousands of people |
April 2005 |
April 2006 |
|
Non-institutional civil population |
71,382 |
72,406 |
|
Population in the age group 15 and above |
50,585 |
51,542 |
|
Work force |
24,432 |
24,608 |
|
-Employed |
21,993 |
22,172 |
|
-Unemployed |
2,439 |
2,436 |
|
Participation rate to workforce (%) |
48.3 |
47.7 |
|
Employment rate (%) |
43.5 |
43.0 |
|
Unemployment rate (%) |
10.0 |
9.9 |
|
-Non-agricultural unemployment rate (%) |
13.4 |
12.5 |
|
-Adolescent unemployment rate (%) |
18.7 |
17.8 |
|
-Underemployment (%) |
3.3 |
3.9 |
|
- Adolescent underemployment rate (%) |
4.6 |
4.4 |
|
Those not included in the work force |
26,153 |
26,935 |
Turkey is the safest haven in the region
The president of International Investors Association (YASED), Saban Erdikler, stated that developments in the Middle East will not affect the foreign capital inflow to Turkey in the mid term, saying “Turkey is a safe haven in the region”. Erdikler also mentioned that if a minimum annual level of 10 billion dollars of investment is attained by 2009, there will be an additional growth of 1.5-2% in the economy. In the YASED report “Toward a foreign capital strategy for Turkey”, prepared by Assistant Professor, Kamil Yilmaz, it was emphasized that micro economic reforms have to be completed as soon as possible if Turkey is to maintain the success it has achieved in attracting foreign capital in recent years. The report pointed out that the presidency of the Privatization Administration needs to be converted into an Investment Promotion Agency, the judicial system has to operate faster and political influences have to be removed from regulatory bodies. A foreign capital investment of 15 billion USD was prophesized for the years 2010-2014.
(Dünya 18.07.2006)
Ministry of Finance announced budgetary figures of the first 6 months of 2006
The central management budget had a surplus of 2.4 billion YTL in the first half of this year. Total budgetary expenditures realized were
81.6 billion YTL in January-June period while budgetary revenues were 84 billion YTL. In this period
58.7 billion YTL were non-interest expenditures.
(Dünya 18.07.2006)
|
Expenditures other than interest (Thousand YTL) |
Jan – June 2005 |
Jan – June 2006 |
Change ratio (%) |
|
Personnel expenses |
15,729,012 |
18,524,889 |
17.8 |
|
Social security state premium contributions |
2,087,291 |
2,384,676 |
14.2 |
|
Purchase of goods and services |
4,126,554 |
6,786,213 |
64.5 |
|
Current transfers |
16,381,686 |
24,913,480 |
52.1 |
|
Capital expenditures |
2,427,623 |
3,028,001 |
24.7 |
|
Capital transfers |
490,681 |
852,014 |
73.6 |
|
Lending |
732,432 |
2,233,676 |
205.0 |
|
Total |
41,975,379 |
58,722,949 |
39.9 |
The breakdown of tax revenues disclosed by the Ministry can be seen in the table below.
|
Tax types (Thousand YTL) |
Amount |
Proportional share (%) |
|
Taxes imposed upon income and earnings |
19,121,921 |
28.99 |
|
VAT |
20,004,797 |
30.32 |
|
ÖTV (Special Consumption Tax) |
17,688,988 |
26.81 |
|
Property taxes |
1,518,141 |
2.30 |
|
Other taxes |
7,641,196 |
11.58 |
|
Total |
65,975,043 |
100.00 |
|
System based on indirect taxes |
|
Taxes |
2006
(Thousand YTL) |
2005
(Thousand YTL) |
Change(%) |
Share
2006 |
|
Direct
taxes
|
18,230,180 |
15,930,212 |
14.4 |
33.2 |
|
Income tax |
10,376,863 |
9,204,318 |
12.7 |
18.9 |
|
Corporation tax |
6,427,244 |
5,529,475 |
16.2 |
11.7 |
|
Property taxes |
1,426,073 |
1,196,419 |
19.2 |
2.6 |
|
Indirect taxes |
36,592,253 |
29,698,051 |
23.2 |
66.7 |
|
VAT |
6,448,125 |
5,298,576 |
21.7 |
11.8 |
|
ÖTV |
14,503,443 |
11,952,072 |
21.3 |
26.42 |
|
BSMV (Banking and Insurance Transaction Tax |
1,017,815 |
811,677 |
25.4 |
1.9 |
|
Tax on games of chance |
153,834 |
123,028 |
25.0 |
0.3 |
|
ÖTV |
1,474,368 |
1,150,226 |
28.2 |
2.7 |
|
Customs taxes |
779,037 |
606,363 |
28.5 |
1.4 |
|
VAT collected in imports |
9,400,465 |
7,463,067 |
26.0 |
17.1 |
|
Other foreign trade |
17,123 |
29,388 |
-41.7 |
0.0 |
|
Stamp duty |
1,262,505 |
1,007,742 |
25.3 |
2.3 |
|
Imposts |
1,535,538 |
1,255,912 |
22.3 |
2.8 |
|
Other |
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