Turkey’s Economy Will Have an Intensive Agenda in December

Turkey’s Economy Will Have an Intensive Agenda in December Turkey's economy will have an intensive agenda in December. The last month of the year will be active in terms of data to be announced. Turkish Statistical Institute (TURKSTAT), will announce the growth figures for the third quarter of the year to 30 November, Monday. Periodic gross domestic product (GDP) data for the July-September period will be published at 10 am. President Recep Tayyip Erdogan, in his speech at TOBB Turkey economy convention, he said: “We will see that our country differentiates positively in production, employment, export and growth. With the leading data for September, it is now certain that we will close the third quarter with a strong growth.” Turkey's economy experienced a contraction of 9.9 percent on the second quarter of 2020, scored due to restrictions of Covid-19.   Inflation and Export Figures Will Be Announced Next week, the focus of the economy world will be on inflation and export figures. In addition, the Ministry of Commerce is expected to announce temporary foreign trade data for November on December 2. Turkey had the highest monthly export figures of 2020 with exports of $ 17.3 billion in October along with an all-time record. On the other hand, TurkStat will announce the consumer price index and domestic producer price index for November on Thursday, December 3. The consumer price index (CPI) increased by 11.89 percent annually in October and 2.13 percent monthly.   Unemployment and Industrial Production Index will be Announced The unemployment figures, whose results are expected in terms of the effects of the coronavirus epidemic, will be announced on December 10. TURKSTAT will announce the labor force statistics for September. The unemployment rate was 13.2 percent in August, down 0.8 points compared to the same month last year. The effects of the epidemic on the private sector will be followed by turnover indices, retail sales indices and industrial production index data to be announced on Monday, December 14.   The Ministry of Treasury and Finance will announce the budget results for November on Tuesday, December 15th. Central Bank of the Republic of Turkey (CBRT) will announce 'Monetary and Exchange Rate Policy for 2021' in December. This is of great importance in determining the monetary and exchange rate policies for the next year. Along with the text, the financial stability reports, inflation reports and the calendar of the Monetary Policy Committee meetings for 2021 will be announced. The last Monetary Policy Committee meeting of 2020 will be held on December 24. At its last meeting, the Board raised the one-week repo auction rate (policy rate) by 475 basis points from 10.25 percent to 15 percent. Additionally, CBRT will announce the balance of payments data for October on December 11th.   New Era Talks Will Be Held In The Economy The Central Government Budget Law Proposal for the year 2021, which was accepted by the TBMM Plan and Budget Committee, will become law after the discussions in the General Assembly. Following President Erdoğan's emphasis on the new era in economy and law, steps have begun to be taken, within this framework, Minister of Treasury and Finance Lütfi Elvan and Minister of Justice Abdulhamit Gül will continue their meetings with the business world and non-governmental organizations. Comprehensive reform efforts to start new investments, production, exports and employment in the economy will be carried out after budget negotiations. Arrangements will be made for the reform steps to be taken in the economy. The Minimum Wage Determination Commission will also hold its first meeting on December 4 to determine the minimum wage that will be valid from January 1, 2021.     TRT and AA contributed to this article.