Turkish EconMin Caglayan: Q1 GDP growth figures may not be bright.

By bne IntelliNews June 11, 2013

Turkey’s economy minister Zafer Caglayan said on Monday that first quarter GDP figures would not be very bright but April industrial production data was promising. Turkey’s GDP is expected to grow 2.2% y/y in Q1, according to a CNBC-e poll of economists.

The calendar adjusted industrial production increased 3.4% y/y in April, the statistics institute said on Monday. Turkey’s rate of GDP growth slowed from 8.8% in 2011 to 2.2% last year. Turkey’s economy expanded 1.4% y/y in Q4/2012. While political uncertainty poses downside risks to GDP growth Deputy PM and government spokesman Bulent Arinc said on Monday that PM Recep Tayyip Erdogan agreed to meet on Wednesday with a delegation representing the protestors.

The government’s GDP growth forecast for 2013 is 4%. Last month, The Organization for Economic Co-operation and Development (OECD) cut its 2013 GDP growth estimate for the Turkish economy to 3.1% from 4.1%. Also in April, the IMF trimmed its 2013 GDP growth forecast for the Turkish economy to 3.4% from 3.5%.

Related Articles

Poland supports Turkey’s near-dead EU membership bid

Turkish President Recep Tayyip Erdogan received a warm welcome from his Polish peer Andrzej Duda on October 17, as Warsaw said it supported Ankara’s formally ongoing bid to become a member of the ... more

Poland claims there will be “no taboo” in talks with Erdogan

Poland will skip no touchy topics in talks with President Recep Tayyip Erdogan, visiting Warsaw on October 17, the office of President Andrzej Duda said ahead of the visit by the Turkish leader, ... more

Erdogan says he plans talks with lenders on cutting Turkish interest rates

Turkey's President Recep Tayyip Erdogan said on October 13 that he plans to hold talks with both public and private lenders on how to lower interest rates. He did not say, however, when those ... more

Dismiss