Does the gas discovered in Turkey have anything to do with the economy and inflation?
Turkey continues to search for natural gas in the Black Sea and the Mediterranean. Record quantities of gas were discovered in Turkey. While we expect that in 2023 there will be pumping that gas into homes, this will help ease the burdens of the economy and especially inflation.
The inflation rate in July stood at 79.6 percent, one of the highest in the world, while the trade deficit rose 184.5 percent in June, to $8.16 billion, according to figures from the Turkish Ministry of Commerce.
The Turkish lira has fallen this year by about 25 percent, after falling 44 percent last year.
Currently, the Turkish lira is near 18.16 against the dollar, the Central Bank of Turkey has raised its forecast for the dollar-to-Turkish lira rate for the end of this year from 18.99 to 19.65
From positive indicators, the government expects to do more due to gas extraction.
Turkish President Recep Tayyip Erdogan and Minister of Energy and Natural Resources Fatih Donmaz have announced that the gas discovered in the Sakarya 1 field will enter the work phase in the first quarter of 2023.
Positive Gas Indicators on the Turkish Economy
Turkish economic researcher Yilmaz Öztürk said that with the start of production, 30% of the domestic gas needs will become available with about $ 4 billion provided to the Turkish treasury.
The Turkish economy is currently suffering from high costs of energy imports due to the global energy crisis. But national gas is certain to contribute to the provision of a value of about 900 million meters of gas in the first of 2023. Öztürk said that the most important results are a significant reduction in inflation as a result of lower energy costs used in the industrial sector.
Energy expert Mehmet Ogucho said that extracting and using domestic natural gas takes 7 to 8 years, Ozturk was quoted as saying.
But former Botaş director Gokhan Yardem said it could be accelerated using different technologies.
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