ECONOMY GROWS 2.3% IN Q2, SLOWEST EXPANSION SINCE PANDEMIC
The economy grew by 2.3% year-on-year in the second quarter of 2026, extending its continuous growth streak to 24 quarters but missing market expectations of 2.8%.
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In-Depth Analysis
Smart, independent reporting on Turkey's politics, economy and foreign affairs.
INFLATION REMAINS ABOVE 30% FOR 57TH MONTH AS PAST TARGETS FALL SHORT
Annual consumer inflation in Turkey remained above 30% for the 57th consecutive month in August. Official figures from TurkStat put August inflation at 31.5%, slightly slower than 31.75% in July.
GOVERNMENT CUTS DIESEL TAXES TO LOWER FUEL PRICES AND COMBAT INFLATION
The Turkish government has temporarily eliminated the special consumption tax on diesel fuel for the remainder of August in an effort to curb inflation. Pump prices fell by more than 13 percent a day after the government’s decision on Aug. 12.
MINERS DETAINED OUTSIDE ENERGY MINISTRY AS THEY CONTINUE PROTESTS OVER UNPAID WAGES
Police forcibly intervened on Aug. 13 against striking miners outside the Energy Ministry in Ankara, detaining union leaders and multiple workers on the fourth day of their protest over unpaid wages.
US SLAPS 12.5% TARIFF ON TURKISH GOODS WHILE EXEMPTING ASIAN COMPETITORS
Turkish industrialists criticized a new United States’ decision to impose a 12.5% tariff on Turkish products under Section 301, warning that the move places key export sectors, especially textiles and apparel, at a severe disadvantage.
F-35 RETURN COULD COME AT KAAN'S EXPENSE
While Trump signals to lift the arms embargo on Turkey, experts are discussing whether it will come at the expense of the Kaan project.
AUSTRALIA JOINS CLIMATE DISINFORMATION PACT AS TURKEY'S STANCE AWAITED AHEAD OF COP31
Australia has joined the Global Initiative on Information Integrity on Climate Change (GIIICC), a landmark effort to combat climate disinformation now backed by 27 countries and the European Union, while Turkey — which will host the COP31 climate summit in November — has yet to declare its position. Turkey in Depth has learned that Turkey is expected to appoint Professor Mehmet Emin Birpınar as spokesperson for COP31.
CENTRAL BANK HOLDS RATE AT 37% AS BUSINESS SECTOR DEMANDS CREDIT RELIEF
The central bank kept its benchmark policy rate unchanged at 37% during its Monetary Policy Committee meeting on July 23, matching market expectations. However, business leaders are increasingly complaining about high borrowing costs, tight credit restrictions, and falling industrial output.
ECONOMISTS DEBATE INTEREST RATE AS CENTRAL BANK PREPARES FOR JULY DECISION
Most market participants expect the central bank to keep the policy rate unchanged at 37% when it meets on July 23, but pressure is building for a cut and some experts are calling for a wholesale shift in monetary policy.
OUT OF THE F-35 BECAUSE OF PUTIN — BACK IN BECAUSE OF PUTIN?
Turkey was kicked out of the F-35 joint production program because of Russia during Trump’s presidency; can it be taken back because of Russia yet again during Trump’s presidency?
COMPLIMENTS THAT CHILL ANKARA: TRUMP ON BRUNSON AND IRAN
Paying an official visit to President Recep Tayyip Erdoğan ahead of the NATO Summit and signaling movement on the F-35 and the Kaan's F110 engines, US President Donald Trump also touched on two subjects that sent a chill through Ankara: the release of American Pastor Andrew Brunson, and Turkey's stance in the US-Israeli war against Iran. Meant as praise, both stories cut deeper than they flattered.
SOMALIA FORMULA POPS UP AS A SOLUTION FOR THE S-400
Trump made ambiguous statements regarding the US delivery of F-35s to Turkey. Ankara, meanwhile, continues to seek a solution to the S-400 issue.