In spite of devastating impacts of the COVID-19 outbreak on developed economies, indicators in the Turkish economy in July 2020 signals a quick recovery and a better outlook for the second half of the year.
Turkey's Purchasing Managers' Index (PMI) for the manufacturing sector, prepared jointly by IHS Markit and the Istanbul Chamber of Industry, rose from 53.9 in June to 56.9 in July, which has been the highest level since the last 9 years. The result unveiled the robust recovery in the Turkish economy after bottoming out in April due to Covid-19 disruptions.
Also, according to the data provided by the Turkish Statistical Institute (TurkStat), the rise in the consumer price index (CPI) in Turkey receded from 12.62 percent in June to 11.76 in July year-on-year. Releasing a statement on the result, the Minister of Treasury and Finance Berat Albayrak said, “We are determined to reach our inflation targets and we will resolutely continue to struggle over price increases and implement necessary structural reforms in this regard.”
On a side note, upwards trend in exports, which started in June 2020, continues even more robustly in July. The latest data published by the Ministry of Trade has shown that exports in Turkey increased by 11.51 percent on monthly basis reaching USD 15.1 billion in July 2020, the highest monthly export figure obtained during the pandemic.