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Türkiye Economy & Business News: May 2026May brought the publication of April statistics, revised central-bank projections, first-quarter company results and changes to credit and market frameworks. Preliminary figures showed an increase in April exports, a new inflation reading became available, and the central bank lowered growth limits for several categories of lending. Şişecam reported its sales and production, while Borsa Istanbul announced new sector indices and reminded participants of specifications for bullion delivered to its vaults.
This round-up covers 13 developments published during May, drawing on the relevant official releases and documents. It distinguishes publication dates from the periods being measured: April’s price reading does not describe May’s prices, and first-quarter results are not sales for the month in which they were announced. Inflation targets and gas-project schedules also remain forward-looking statements until outcomes are established. Keeping these distinctions clear creates a useful record for following the rest of the year.
Original review date: 8 October 2026. This is a selection of May’s news, rather than a claim to cover every development in Türkiye. Dated reports retain the source version and period they describe; the central-bank forecasts are those issued in May. Both photographs are archival illustrations.
Istanbul Financial Center in an archive photograph from September 2023.
Publication dates and reporting periods
| Publication date | Development | Period or stage |
|---|---|---|
| 1–2 May | Labour market and trade | March employment and April trade |
| 4–8 May | Legal guidance, prices, indices and Şişecam | Updated guidance, April statistics and first-quarter results |
| 14 May | Inflation Report and bullion specifications | Forward-looking projections and an operational reminder |
| 22–23 May | Financial stability and credit-growth limits | An assessment spanning several periods and an eight-week window |
| 23–29 May | Gas-pipeline plans and electricity | A future project and April data |
March labour-market figures — 1 May
The month’s round-up opens with an official labour-market assessment published by the Presidency of Strategy and Budget, SBB, on 1 May, based on March statistics released on 29 April. Seasonally adjusted unemployment stood at 8.1%. Employment totalled 32.425 million people, with an employment rate of 48.5%. The labour force numbered 35.298 million, and participation was 52.8%.
The entry follows the date of SBB’s article while retaining the earlier statistical release date, so the figures are not mistaken for economic activity in May. The page also gives unadjusted employment and participation figures at different levels; the two series should not be mixed within a single comparison.
Unemployment alone does not show how employment has changed or whether people have left the labour force, which is why the number employed and participation rate also matter. Definitions become particularly important when comparing Turkish figures with another country’s statistics. These are national readings for a specific month, rather than a description of job opportunities in every city or occupation, or an assurance that finding work is easy.
Preliminary April trade figures — 2 May
On 2 May, the Trade Ministry published its preliminary April figures. Exports reached USD 25.403 billion, up 22.3% year on year, while imports were USD 33.909 billion, up 3.1%. Total trade was USD 59.312 billion, an increase of 10.5%. For January–April, exports amounted to USD 88.630 billion, up 3%, and imports to USD 125.804 billion, up 4.3%.
A strong monthly result differs from the cumulative picture for the year to date. April’s large increase does not imply that every earlier month grew at the same rate. These are dollar values, and explaining the movement requires a breakdown of prices, quantities and products.
The figures here retain the version, rates and periods published by the ministry at the start of May, allowing the comparison to be checked again. Subsequent releases may contain small revisions or a different classification, so the version should be identified when quoting them. Export growth should not be equated with an identical rise in GDP: the indicators have different scopes and methods.
Updated merger and acquisition guidance — 4 May
On 4 May, the Competition Authority published updated merger and acquisition guidelines aligned with February’s amendments to Communiqué No. 2010/4. The announcement covered the concept of control; undertakings concerned, turnover and ancillary restraints; and horizontal and non-horizontal assessment. Clarifications included the inclusion of Turkish sales in worldwide turnover and the treatment of certain joint ventures and successive transactions.
This was news about the framework used to interpret and review corporate transactions, rather than approval for a particular deal. Nor did publication of the guidelines in May mean that every associated legal change took effect on that date: the announcement expressly referred back to an earlier amendment.
A financial threshold should not be applied to an individual company without reading the relevant definitions, scope and documents. For business owners and people following deals, the announcement explains why the updated text matters when assessing a transaction. Signing an agreement, notifying the relevant authority, obtaining approval and completing the deal remain separate stages, each requiring its own evidence; publication of guidance does not collapse them into one.
April’s price reading — 6 May
On 6 May, SBB presented its analysis of April prices. Consumer prices rose 4.18% month on month and 32.37% year on year, with the annual rate 1.5 percentage points higher than in March. Housing, water, electricity, gas and other fuels rose 7.99% over the month, contributing 0.90 percentage points to monthly inflation. Domestic producer prices increased 3.17% monthly and 28.59% annually.
These are April data presented in a May publication, rather than the final outcome for May. The consumer and domestic producer indices measure different stages of the economy. Their rates should not be added together, nor should a complete, immediate transfer from producer prices to every retail price be assumed.
The housing group’s percentage increase also differs from its contribution to overall inflation because the latter reflects its weight in the index. The figures give a more precise account of living-cost pressures than a general headline about rising prices, but do not replace comparison with a household’s own bills and shopping basket. The official analysis provides further detail on other groups and underlying measures.
Five new sector indices announced — 7 May
On 7 May, Borsa Istanbul announced five sector indices, with calculation scheduled to begin on 18 May 2026. They cover wholesale trade, retail trade, accommodation, food and beverage services, and venture capital investment trusts. The document explains how shares would remain within certain broader sector indices, while venture capital investment trusts would move out of the Holding and Investment index and retain their place in the broader Financials index.
The announcement expands the tools available for tracking groups of listed companies. Creating an index does not, by itself, mean that the sector’s value has increased. A specified start date also does not automatically provide a long, comparable history; published values and rules must be consulted.
An index of listed companies in a sector differs from the entire industry, which also includes unlisted businesses. The Retail Trade index, for example, should not be treated as the same measure as total shop sales across Türkiye. The dated announcement and appendix establish the codes and initial constituents, while subsequent performance requires market data for the period being analysed.
Şişecam’s first-quarter disclosure — 8 May
Şişecam submitted its first-quarter results announcement to the Public Disclosure Platform, KAP, on 8 May at 19:13:41. The official attachment reported consolidated net sales of TL 57.5 billion, with international sales representing 61% of the total. Investments were TL 5.7 billion, and exports USD 228 million. Production included 1.3 million tonnes of glass and 1.1 million tonnes of soda ash.
These results cover January–March and were published in May. Net sales are not net profit or cash flow, and the international-sales share does not necessarily equal exports from Türkiye alone: the group also operates overseas.
The different units answer different questions: lira for sales and investment, dollars for exports, and tonnes for production. Keeping them distinct prevents misleading comparisons. KAP establishes the submission time and the attachment used, while the company’s financial statements and notes provide the basis for subsequent accounting comparisons. Promotional statements or management objectives should not be turned into guaranteed results for future quarters.
The Skyland towers in Istanbul’s Seyrantepe district, in an archive photograph from May 2024.
Inflation Report: forecasts and interim targets — 14 May
On 14 May, the central-bank governor presented the second Inflation Report of 2026. Year-end inflation forecasts were 26% for 2026, 15% for 2027 and 9% for 2028. In the same presentation, the interim targets were set at 24%, 15% and 9%, respectively. The bank also announced a change in communication, presenting a baseline point forecast and associated risks in place of forecast ranges at that stage.
The difference between a 26% forecast and a 24% interim target for 2026 is intentional in the source. Removing the labels makes the figures appear contradictory. They are projections issued in May, rather than inflation already recorded at the end of the year; later conditions may lead to revisions in subsequent reports.
The presentation linked its projections to assumptions about energy, the policy stance and continued economic-policy coordination. They should therefore not be treated as guarantees. The announcement records what changed in the central bank’s assessment and its presentation at that time, allowing later reports to be compared without assigning their information to a date when it had not yet been announced.
A reminder about bullion surface specifications — 14 May
On 14 May, Borsa Istanbul published a reminder about surface specifications for bullion submitted for trading or custody; the accompanying document was dated 13 May. It addressed dented or broken bars, particularly kilogram bars, and emphasised compliance checks when delivering and receiving bullion. The requirements refer to precious-metals rules and the agreements governing custody and settlement.
This is an operational matter concerning the acceptance of assets and the integrity of procedures, rather than a gold-price forecast. Precious-metal content does not remove the need to meet delivery and custody specifications. Equally, the reminder should not be presented as a general ban on owning every superficially marked bar outside the regulated market: it concerns the exchange and its members’ dealings.
The distinction matters along the trading, import and settlement chain, where a technical defect can result in rejection or a dispute. Both the publication date and document date are retained here. Anyone undertaking an actual transaction should consult the detailed original conditions and procedures.
Financial Stability Report — 22 May
The central bank’s Financial Stability Report was released on 22 May. Its overview discussed rising borrowing costs and a shift in the composition of credit towards the lira. It described a limited deterioration in asset-quality indicators, alongside slower formation of new non-performing loans and a slight improvement in collections. It also reported continued resilience in liquidity and capitalisation, and highlighted monitoring of links with non-bank financial institutions.
The report brings together an assessment of several periods and datasets, rather than statistics describing 22 May alone. A description of the system as resilient does not mean that every bank or loan is free of risk. Aggregate ratios may conceal differences between lending to households, companies and smaller businesses.
The publication of the report should therefore be distinguished from applying its conclusions to a specific institution. No legal limit or banking ratio is quoted here from memory; the complete report defines the scope of each measure. Its role in this round-up is to connect tightening measures with the financing and liquidity risks tracked by the official institution, without turning the text into advice to choose a particular bank or product.
Tighter credit-growth limits over eight weeks — 23 May
On 23 May, the central bank adjusted the credit-growth limits used in its reserve-requirement framework to support a tight monetary stance. Over an eight-week window, the limit for consumer general-purpose and vehicle loans fell from 4% to 3%, and for allocated overdraft limits from 2% to 1%. For lira loans, the small and medium-sized enterprise limit fell from 5% to 4.5%, and the non-SME business limit from 3% to 2%.
These are growth limits within a prudential instrument, rather than loan interest rates or an automatic reduction of the same size in each person’s borrowing. The window is eight weeks; the figures must not be relabelled as monthly limits.
The announcement helps explain tightening outside the repo rate: growth and reserve instruments can change without a new policy-rate decision. It does not establish that lending stopped or that every application would be rejected. Assessing the effect requires subsequent evidence on credit growth, banks’ terms and outcomes after implementation, while keeping the categories defined as in the source.
Three energy developments — 23, 25 and 29 May
The Energy Ministry’s news archive recorded three developments towards the end of May. On 23 May, the minister outlined a planned gas pipeline between Türkiye and northern Cyprus, requiring approximately 97 kilometres of pipeline. The stated aim was to complete engineering in 2026 and implement the project in 2028. This was a project announcement, rather than news that a completed pipeline had begun operating.
On 25 May, the ministry reported April hydroelectric generation of 11.66 billion kilowatt-hours, accounting for 41.4% of that month’s electricity production. On 29 May, it reported installed capacity of 125,410 megawatts at the end of April, including 26,769 megawatts of solar capacity, or 21.3% of the total.
The dated ministry releases establish three different scopes: electricity generated, equipment capacity and a planned infrastructure project. Their units should not be combined, and a target completion year should not be presented as an achievement already delivered.
How does this help readers follow the year?
These varied developments do not provide a single conclusive signal about the direction of the whole economy. A company’s reported sales, a credit-growth limit, an average price index and electricity capacity are different tools for following developments. The useful connection lies in the relationships and questions they suggest, rather than adding their percentages or presenting a causal conclusion that the documents have not established.
Readers can follow lending after a decision, compare May’s forecasts with subsequent releases and examine company production after new lines open, while keeping the period, unit and scope consistent.
The related topics below connect the news with guides to reading indicators and disclosures. Official documents establish the evidence for an event, while introductory guides explain the limits of a comparison. Together, they keep actual news clearly represented in the section and make the May record useful for understanding the sequence of decisions and results through 2026.
Related topics
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