The wealthiest 20 percent of Turkey’s population controls 46.3 percent of the country's wealth, according to official figures from the Turkish Statistics Institute (TÜİK).
Turkish Airlines (THY) observed a drop of almost 65 percent in the number of August travelers compared to the year before. Domestic flights saw a smaller drop of 47.1 percent, while international flights shrank by 75.4 percent, THY said.
Turkey's unemployment rate rose to 13.4 percent. and participation edged up in the May-July period in which a coronavirus lockdown was lifted and a ban on layoffs remained in place, data showed on Sept. 10, painting a clearer picture of the pandemic's fallout.
Ankara will be paying private construction companies bi-annually for any difference in actual revenue and projected revenue under the build-operate-transfer contracts. Operators of the massive construction projects, including Istanbul's third Bosphorus bridge, received payments annually before the shock to the Turkish Lira against the dollar in 2018.
The price of eggplant soared by 22 pct. during the month of August, accounting for the highest increase among a list of produce surveyed by the Istanbul Chamber of Commerce. Lemon prices rose by 19.17 pct. and lettuce prices jumped up 15.47 pct.
The Turkish Lira hovered near its historical low against the dollar on Aug. 31 as the Turkish statistical authority revealed a contraction of 9.9 percent in the economy. The currency has lost about 19% against the greenback this year.
Turkey's economy shrank by 9.9 percent between April and June compared to the same period last year, Turkish Statistical Institute (TÜİK) reported on Aug. 31. While less precipitous than expected, the drop in gross domestic product (GDP) was still historic compared to the first quarter at a seasonally and calendar-adjusted 11.0 percent, according to TÜİK.
Turkey's milk producers have been struggling with skyrocketing production costs, as the sale price for a liter of raw milk was set in late 2019, since when the Turkish Lira has suffered from dramatic devaluation.
IMF Managing Director Kristalina Georgieva said that Turkish economist Ceyla Pazarbaşıoğlu would be serving as the head of the IMF's Strategy, Policy and Review Department. Georgieva said that Pazarbaşıoğlu had "profound knowledge and significant experience on how to design policies to help people especially in emerging markets and low-income countries."
Turkish Airlines said on Aug. 26 that they would no longer offer pre-packaged food on flights that are shorter than two hours. The flagship carrier has observed unprecedented losses during the COVID-19 pandemic.
Turkish Energy Minister Fatih Dönmez has said that the government did not share the volume of the natural gas reserves discovered in the Black Sea with Reuters. “If we had found 800 billion cubic meters, that would have been the amount that we announced,” Energy Minister Fatih Dönmez said on Aug. 25.
The World Bank has released a report on Turkey saying that the country's economy is projected to face a difficult 2020, including a projected increase in poverty. "Important sectors in the Turkish economy are highly vulnerable to COVID-linked economic strains, which could further lower employment, reduce labor force participation, and increase the poor population by 1.2 million in 2020," the report said.
Turkey is poised to produce a record amount of gold this year and the Central Bank will probably buy all of it at prices near record highs, Bloomberg reported on Aug. 24. The value of its gold reserves surged to an all-time high in the week through Aug. 7, only to drop 5 percent a week later, the biggest decline in five months. That effectively mirrored the moves in market prices over the same period.
Turkey's donkey population observed a decrease of two-thirds in 18 years under the ruling Justice and Development Party (AKP). The shrink represents the overall decline of the agricultural industry, a main opposition deputy said.
Main opposition CHP MP Öztrak has said that some people had made substantial gains last week by buying dollar at a relatively low exchange rate level amid speculations about Erdoğan's announcement of "good news." “Who knew ahead what this 'goods news' was about and took a position accordingly? Who earned millions in a just a couple of days?" Öztrak asked on Aug. 24.