Turley has one of the highest inflation rates in the world in 2022, with fears it could even reach triple-digits. Unlike most other countries, this soaring inflation had already been triggered prior to the energy crisis arising from the war in Ukraine.
Demand for housing in Turkey continues to grow whilst the supply side has slowed down. The construction sector is suffering from sharp price increases in raw materials, due to supply issues and global price increases.
Consumer loans growth has been accelerating since 2020, as a consequence of both the pandemic and also the sharp currency devaluation. As 2022 sees new heights for consumer lending, commercial loans are stalling.
Ever increasing loans and credit card spending have become a key component of the strategy keeping Turkey's economy afloat. In turn, rising consumer credit is linked to the relative drop in average incomes in Turkey, with poorer households in particular forced to use credit for everyday essentials.
Over the forecast period, the direction the Turkish economy will take is unclear. Further exacerbated by the inflationary impact of the energy crisis arising from the war in Ukraine, the Turkish economy is likely to continue to be in a weakened state.
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Understand the latest market trends and future growth opportunities for the Consumer Lending industry in Turkey with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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Consumer Lending
Aggregate of Consumer Credit and Mortgages/Housing. Gross Lending: The total value of loans advanced by institutions in a given year; data refers to single year only. Outstanding Balance: The collective amount owed by borrowers at the end of a given year; data refers to the cumulative impact of debt.
See All of Our DefinitionsThis report originates from Passport, our Consumer Lending research and analysis database.
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