Attachments
HIGHLIGHTS
• USD TRY Exchange Rate: In Q4 2024, the exchange rate increased from TRY 33.97 in September to TRY 34.97 in December 2024. The policy rates decreased from 50 percent to 47.5 in December 2024.
• Inflation Dynamics: The disinflation continued, yet at a slower pace, in Q4 2024. Annual inflation actualized at 44.39 percent in December 2024. The food inflation had some increase in early Q4 2024 before falling to 43.58 percent at the end of the year.
• Production and Economic Growth: The Turkish economy grew by 2.1 percent in Q3 2024, driven by private consumption. Economic production had a slight recovery in November after 5 consecutive months of decrease in the annual industrial production index.
• Domestic Producers’ Price Index (D-PPI): In line with disinflation, the Domestic Producers’ Price Index indicated a decline from 33.1 percent in September to 28.5 percent in December 2024.
• Unemployment Trends: The unemployment rates were quite stable throughout Q4 2024. While the unemployment rate is 8.6 percent as of November, the employment rate sits at 49.6 percent. Female unemployment rates indicated a decreasing trend, yet their employment did not increase at the same level.
• Global Food Price Index and MEB Calculation: The global food price index increased from 124.6 points in September to 127.0 points in December 2024, with an annual increase of 6.7 percent in 2024 compared to the year 2023. The cost of the Minimum Expenditure Basket (MEB)1 reached TRY 3,478 per person per month in December 2024, a 59 percent increase from December 2023 (TRY 2,183). The Earthquake MEB costs TRY 3,805 per person per month in the same period, with a 62 percent yearly increase.