Consumer Loans and Credit Card Claims (Real Quarterly Percentage Change, End Values) 2008  Consumer Loans  2009  III  IV  I  II  III  IV  6.0  -5.0  -0.7  2.0  2.0  2.2  Housing  3.5  -4.4  -0.6  2.0  2.5  3.4  Automobile  -0.5  -11.9  -10.5  -4.9  -5.7  -7.1  Other  9.6  -4.5  0.5  2.9  2.5  2.1  Credit Cards  6.6  -0.4  -3.3  5.0  1.7  -1.9  Source: CBRT. 25. Measures taken by the Central Bank to maintain financial stability and to promote the functionality of credit markets had favorable impacts on credit markets during the crisis. Policy rate cuts and stabilizing liquidity measures were reflected on credit rates and this contributed to the easing of financial tightness. Especially as of the second half of 2009, with the decline in credit rates, the uptrend in credit volume became more pronounced. Distinguished Guests, 26. The comprehensive fiscal incentive policies implemented to alleviate the effects of the global economic crisis caused fiscal deficits and debts stocks to soar globally, primarily in advanced countries. Additionally, the decline in tax revenues consequent to the contraction in economic activity accelerated the increase in budget deficits. 27. In parallel with the global rise in government fiscal balances, the ratios of budget deficits and debt stocks to national income also soared in Turkey in 2009.
BIS Review 68/2010  1  Growth Rates and Unemployment Rates in Advanced and Emerging Economies Growth Rates (Annual Percentage Change)  Advanced Economies Unemployment Rates (Percent)  10  11 USA  Euro Area  8  9  6 4  7  2 0  5 -2 Advanced Economies Emergi ng Economi es Export Weight ed  6. 01 08  01 06  01 04  0309  0307  0305  0303  0301  0399  0397  Source: Bloomberg, CBRT. 01 02  3  -6  0100  -4  Source: Bloomberg, CBRT. Commodity prices, which fell drastically in the last quarter of 2008 due to the significant contraction in global economic activity, hovered at low levels in early 2009. However, commodity prices began trending upward as of the second half of the year mainly on the back of the growing optimism about the global economic recovery and the boosting demand stimulated by the fiscal incentives implemented in China. The liquidity glut that was particularly fuelled by stimulus packages implemented in advanced countries, and the accelerating global economic activity resulted in an increase in oil and commodity prices, which further continued into the first quarter of 2010 as well.