A pre-Eid macro recap

TURKEY - Report 05 Jun 2025 by Murat Ucer

We provide a quick overview of recent macro releases as we enter the Eid al-Adha holiday, which will last from this Friday through Monday. Although we’ve already talked about much of this stuff in our weeklies and briefs, a quick recap would not hurt, we thought.

A most notable aspect of first quarter growth data for us was the weakness in domestic demand, more so than we had reckoned. This slowdown is a key driver, we think, of the sharp deterioration in labor market indicators in April, as well as the favorable May inflation print, though the usual caveat applies -- that “one data point does not a trend make”.

Now read on...

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