Food inflation has increased by 36.9 percent in October in comparison to the same month last year, according to a study by the Birleşik Kamu İş labor union confederation. The largest year-on-year prices increases were fruits and vegetables, which surged 78.7 and 68.2 percent respectively.
The official reserves of the Central Bank of the Republic of Turkey totaled $101.1 billion in September. The data showed that total reserve of Bank's assets in Sept. fell 0.4% from previous month.
A number of Turkish companies were targeted in cyber attacks, including the country's telecom giant Türk Telekom and Garanti BBVA bank, which caused disruptions in their website accesses.
The number of Turkish billionaires featured on the 'world's billionaires' list announced every March by the American business magazine Forbes, went down from 36 to 25. The total wealth of Turkish billionaires also fell by 33.3 percent and dropped from 64.7 billion to 43.1 billion dollars.
The former jailed executive at Turkey's state-owned Halkbank, Hakan Atilla, was named general manager at the Istanbul stock exchange. U.S. prosecutors last week charged Halkbank with partaking in a multibillion-dollar scheme to circumvent U.S. sanctions against Iran. The charges disclosed by the prosecutors against Halkbank mirror those against Hakan Atilla.
The revenue target for income taxes in the 2020 budget has been raised to a record 785 billion lira. Experts say that the government has decided to increase the tax burden on society after the economic crisis and increased public spending put the administration in a difficult financial position.
As relations between Ankara and Washington undergo tough times, a new indictment regarding Halkbank adds yet more strain on ties between the two countries, with the bank being accused of circumventing Iranian sanctions.
German carmaker Volkswagen will delay investment of a factory it was planning to build in the Turkish province of Manisa due to the political uncertainty surrounding Turkey's ongoing operation in northeastern Syria, according to a report in the German newspaper Handelsblaat.
Amid a serious period of economic difficulties in Turkey, the automotive industry, one of the most important in the country, has taken a hit. The production of automobiles in Turkey decreased by 9 percent between January and September of this year in comparison to same period during 2018, according to recent figures from the Automotive Industry Association.
Turkey's lira hit its weakest in a month , as investors worried about Ankara's planned incursion in northern Syria and President Donald Trump warned he could destroy the Turkish economy if it takes the operation too far.
Turkish Finance Minister Berat Albayrak said that he believes Turkey's economy will display positive annual growth in 2019, adding that data could reveal a record-high rolling current account balance in July. A Reuters poll last month pointed to zero growth in 2019.
Some one and a half million tourism workers will lose their jobs by mid-November. While they demand an improvement of their status, union leader calls for the government to sign the ILO convention on the working conditions of tourism workers.
The opposition Republican People's Party (CHP) has accused the ruling Justice and Development Party (AKP) government of secretly meeting with the International Monetary Fund (IMF). The CHP's accusations come one week after the AKP itself accused the CHP and the right-wing nationalist Good Party (İP) of doing the very same thing.
The current calm in the Turkish economy appears to be fragile unless stronger and more resilient growth over the medium term is secured, according to a recent IMF statement. The IMF also warned that the prospects of a sustainable recovery from last year’s currency crisis have dimmed.
Turkey's actual unemployment figures stand at 7,724,000, in stark contrast to official figures of 4,243,000, according to a recent report prepared by the main opposition party CHP.