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Sunday, 3 November, 2002, 16:23 GMT
Turkey inflation under control
Recep Tayyip Erdogan, the leader of Islamic-oriented Justice and Development Party
Mr Erdogan may become Turkey's next prime minister
On election day, official statistics has indicated that Turkey's inflation rose 3.3% in October from the previous month.


The government will not have any problems in reaching its end of the year target

Cigdem Guclu
Societe Generale
The rise brings the rate of inflation to 33.4% which indicate that prices have risen relatively moderately by Turkish standards.

"They're very good numbers," said Cigdem Guclu of Societe Generale.

"It shows the government will not have any problems in reaching its end of the year target" of 35% annual inflation, as set out by the government's agreement with the International Monetary Fund.

Economic crisis

But in terms of saving the government, the figures might have been released too late.

The data release coincided with an election where, according to opinion polls, the government is expected to be kicked out.

Many Turks blame for the government for the economic crisis of the past two years. Last year, the economy shrank by 9.4%.

Change of hands

Analysts predict that none of the coalition's three parties will cross the required threshold of a 10% share of the vote to get into parliament.

Instead Recep Tayyip Erdogan, the leader of Islamic-oriented Justice and Development Party, is expected to take over at the helm of a new government.

The election campaign has focused almost entirely on Turkey's economic crisis and the need for political stability after years of a divisive coalition politics.

Turkey is locked into a $16bn IMF program which demands that it cuts government spending and sell off state-owned assets.

Turkey's election

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03 Nov 02 | Europe
30 Oct 02 | Europe
01 Nov 02 | Business
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