Wednesday, February 2, 2022

Turkey. Again.

Over the weekend Erdogan fired the head of the nation's economics statistics agency.

The agency had recently released the official inflation rate for December: 36% per year. It's not clear which method was used to get that number, but FRED has a lot of Turkish data if you want to do a deep dive for yourself.

Unofficial estimates are that the inflation rate is more like 80% per year.

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Stuff like this has happened before.

A former minister in charge of economics statistics for Greece lives in exile in the U.S. He's been acquitted by Greek courts 3 times for falsifying economic data (it's generally believed outside of Greece that he did a pretty good job). He still won't return to Greece for fear of summary detention.

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