Page 22 - VKF_FRAE_2013

22
cpı by year
11
10
9
8
7
6
5
4
3
7.7
9.7
10.1
10.5
6.5 6.4
6.2
7.4
8.4
2005 2007 2006 2008 2009 2010 2011 2012 2013
Source: CBRT, TSI, Vakıfbank
CPI (y-y, %) CBRT Target
unemployment rate (%)
Source: CBT, TURKSTAT
14
13
12
11
10
9
8
January February March April May June July August September October November December
2005-2010 ave. 2011 2012 2013
7
The unemployment rate was 9.9 %
As of September 2013, the unemployment
rate stood at 9.9%. In June 2012, it had
dropped to 8%, its lowest level since 2005;
it increased to 10.6% as of January 2013.
Starting to decline from that date, the
unemployment rate dropped to 8.8% in
May 2013. In July, the unemployment rate
rose again and increased to 10.2% as of
September according to seasonally adjusted
data. During this period, the labor force
participation rate increased by 1.8 percentage
points compared to January and amounted to
51.3%. According to seasonally adjusted data,
the increase in employment was observed
in the service and industry sectors over 2012
year-end. Depending on the progress of
economic activity, the unemployment rate is
expected to decrease in 2014.
Food price-driven rise in inflation
In 2013, the developments in food prices and
foreign currency exchange rates produced
significant effects on inflation movements.
During the year, in line with the fluctuations
in food and non-alcoholic beverages prices,
inflation also fluctuated. While the moderate
movement of commodity prices, such as oil,
and the recovery of the economy contributed
positively to inflation in the first half of the
year, annual inflation increased due to the
rise in unprocessed food prices which were
reflected in the inflation rate in the third
quarter. This positive effect was reversed
2013 IN THE WORLD AND IN TURKEY
In 2013, increasing food prices and foreign currency
exchange rate developments significantly affected
inflation. Inflation fluctuated throughout the year
paralleling changing food prices.
transformationyearsTransformation yearsare those in which thatTurkey gets to knowtechnology. In 1984, inorder to give the bestservice to its customers,VakıfBank strengthenedits close ties withtechnology; the basicdivisions of the Bankwere connected to a mainserver. During this period,when computer use wasbecoming widespread,the number of branchesreached 269. In 1986, aData Processing Systemwas created to equipbranches with computersand connect them to acenter.
i