Turkish economy

People shop at a local street market in Istanbul, Turkey, May 3, 2023.

Turkey’s inflation falls to four-year low of 33.5%: What to know

Treasury and Finance Minister Mehmet Simsek said on X that annual inflation had fallen to its lowest level in 44 months.

An export train to Russia and China leaves the Ankara station, on Jan. 29, 2021.

Turkey secures $2.8B green financing for Azerbaijan railway: What to know

The 223-kilometer railway will connect to the existing train route that joins Turkey’s northeastern city of Kars and the Georgian and Azerbaijani capitals of Tbilisi and Baku.

Iraqi workers tend to a pipe at the Iraqi-Turkish pipeline in Karkuk, northern Iraq, Dec. 1, 2000.

Why Turkey plans to end its 52-year oil pipeline deal with Iraq

The Turkish decree stipulated that the 1973 Turkey-Iraq Crude Oil Pipeline Agreement — along with all amendments to the deal — would be terminated effective July 27, 2026.

ADEM ALTAN/AFP via Getty Images

Turkey closes livestock markets amid foot-and-mouth disease outbreak: What to know

The Agriculture Ministry has closed all livestock markets to prevent spread of the disease while vaccination efforts are underway.

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Analysis

With over 85% imported, Turkey braces for energy ripples of Iran-Israel war

Flags flutter along a bridge as a plume of heavy smoke and fire rise from an oil refinery in southern Tehran, after it was hit in an overnight Israeli strike, on June 15, 2025. Iran fired a fresh barrage of missiles at Israel, state television announced early on June 15, as the rivals exchanged fire for a third day. (Photo by ATTA KENARE / AFP) (Photo by ATTA KENARE/AFP via Getty Images)

Ezgi Akin

In Ankara, reporting on diplomacy, EU-Turkey ties, NATO

Turkey: $30M credit card scam hits tourists in coastal resort, 20 arrested

People enjoy the sun and the sea along the Kadinlar Beach of Kusadasi on July 17, 2005.

As Turkey's inflation dips to 35%, will central bank pivot on interest rates?

Price tags of olives are seen at a store on March 3, 2025, in Istanbul, Turkey

Analysis

Can Turkey's Hurjet deal with Spain propel it into NATO’s defense market?

People look at the Hurjet, an advanced jet trainer light attack aircraft, during the opening day of the International Defense and Aerospace exhibition in Istanbul, Oct. 22, 2024.

Barin Kayaoglu

By Barin Kayaoglu

In Ankara, reporting on geopolitics and national security

A fisherman sells his fish at a public market where customers shop in the historical district of Ulus in Ankara on December 30, 2022. (Photo by ADEM ALTAN/AFP via Getty Images)

Turkey's economy grows 5.6% in 2022, but labor’s income share shrinks

In a sign of deepening income disparities, the share of Turkey’s labor force from the national income has dropped to 26.5%, a far cry from 36% in 2016.

People fish from the Galata bridge, near Suleymaniye mosque (backround) in the Eminonu district of Istanbul, on January 10, 2023. (Photo by OZAN KOSE/AFP via Getty Images)

Scientists: Time running out to save Istanbul from major earthquake

Seismologists are calling for urgent measures to prepare Istanbul for a major earthquake expected in the near future, warning of catastrophic destruction in Turkey’s most populous city and economic capital.

SAMEER AL-DOUMY/AFP via Getty Images

Turkey’s Central Bank slashes interest rates after devastating earthquakes

The move is likely aimed at weathering the fallout from the devastating earthquakes in accordance with the Turkish government's economy policy to prioritize economic growth at the expense of inflation.

A man sits atop a rolled-up tent in the garden of Yenimahalle Cemevi.

Turkey bans layoffs, introduces benefits, amid mounting earthquake failures

The Turkish government’s new decisions come amid mounting criticism over its failure to provide a timely and organized response to the killer earthquakes.

This aerial view shows collapsed buildings during the ongoing rescue operation in Hatay, southeastern Turkey, on Feb. 10, 2023.

Massive earthquake cost to deepen Turkey’s economic woes

The disaster response requires a significant increase in public spending to meet the needs of 13.5 million affected people and rebuild massive destruction, threatening to widen Ankara’s budget deficit.

A man waits for news of his loved ones, believed to be trapped under collapsed building on February 08, 2023 in Hatay, Turkey. A 7.8-magnitude earthquake hit near Gaziantep, Turkey, in the early hours of Monday, followed by another 7.5-magnitude tremor just after midday. The quakes caused widespread destruction in southern Turkey and northern Syria and were felt in nearby countries. (Photo by Burak Kara/Getty Images)

Turkey's earthquake spikes Europe's fears of Middle East flare-ups

The Turkish-Syrian border area at large remains one of the world’s geopolitical quagmires, a major epicenter of tensions and fault lines that run throughout the Middle East toward Europe.

Gilles Kepel

By Gilles Kepel

Syrians, displaced as a result of the deadly earthquake that hit Turkey and Syria two days ago, arrive to an open area on the outskirts of the rebel-held town of Jindayris on February 8, 2023. - A leading United Nations official called for the facilitation of aid access to rebel-held areas in Syria's northwest, warning that relief stocks will soon be depleted. Rebel-held areas near Turkey's border -- hard hit by the 7.8 magnitude earthquake that struck on Monday -- cannot receive aid from government-held pa

Earthquake death toll nears 20,000 as Turkey, Syria seek help

Hundreds of thousands more are injured or displaced as rescue workers race against time to free those who are trapped.

Sen. Chris Van Hollen (D-MD) made it clear that Congress will block the F-16s sale to Turkey, if Ankara doesn’t allow Finland and Sweden into NATO. Van Hollen speaking at the Baltimore and Potomac (B&P) Tunnel North Portal on January 30, 2023 in Baltimore, Maryland. (Photo by Drew Angerer/Getty Images)

Senator Van Hollen says no F-16s for Turkey if Sweden, Finland not admitted to NATO

The Democratic senator also discussed concerns about Israel’s new government, China’s inroads in the Gulf and more at the Al-Monitor PRO event.

An employee takes a box of medicines on shelves at a pharmacy in the Turkish capital Ankara on December 13, 2021. - Turkeys pharmacists have brought to light the struggle of many patients who need medicines to treat diseases like diabetes and childrens fevers but cannot find them. They say the crisis that has deteriorated because of the fall in the Turkish liras value. (Photo by ADEM ALTAN/AFP via Getty Images)

Turkey's medicine shortages could turn into 'drug famine' with no end in sight

In all Turkish pharmacies Al-Monitor visited recently, the drug shortage was palpable. Children's medicines, antibiotics, some cancer drugs top Turkey's long-unavailable drug list.

Bayraktar drone

Turkey’s defense exports reach record levels in 2022, Erdogan says

Turkey’s president is touting the country's defense exports, which have reached a record high.

Members of Muslim Uyghur minority present pictures of their relatives detained in China during a press conference in Istanbul, on May 10, 2022. (Photo by OZAN KOSE/AFP via Getty Images)

Turkey airs rare public criticism of China's treatment of Uyghurs

Turkey is openly criticizing China's treatment of the Uyghur minority as more tension emerges between Huawei and its Turkish partner telecom operator Turkcell.

ADEM ALTAN/AFP via Getty Images

2022 in review: Turkey wraps up year of regional resets but more whiplash ahead

As 2022 forced the Turkish government to reverse course with regional powers, this election year is expected to usher in even more change in Turkey’s foreign policy.