EU forecasts 3% GDP growth for Turkey this year.

By bne IntelliNews November 8, 2012
The European Commissions autumn forecast report predicts a 3% of GDP growth for Turkey this year. In the spring report, the EC forecast a growth rate of 3.3% for 2012. The Commission also revised its 2013 GDP forecast down from 4.6% to 3.3% and its 2014 GDP growth prediction stands at 3.7%. Weakening economic activity will increase the governments desire to maintain some flexibility in its management of the public accounts, in particular in 2013 and 2014, in the view of the elections, so as to support growth in output and jobs, in so far as it is able to do so without damaging investor confidence, the report says. The ECs budget deficit forecasts for 2012 and 2013 are 2.4% of GDP and 3.2% and the commission expects the deficit to increase to 3.8% of GDP in 2014. Exports growth is foreseen to outpace import growth in 2013 and 2013, resulting in a positive contribution to GDP growth from net exports, compared with negative contributions in 2010-11, according to the report. The Commission forecasts a current account deficit of 8% of GDP this year and it expects the deficit to decline to 6.8% of GDP next year and pick up to 7.2% in 2014.

EU forecasts 3% GDP growth for Turkey this year.

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