Turkish end-year inflation expectations rise to 8.12%.

By bne IntelliNews April 18, 2014

End-year inflation expectations jumped to 8.12% in April from 7.98% in March, the Central Bank’s monthly survey showed.

12-month expectations, however, fell to 7.22% this month from 7.31% in March while 24-month inflation expectations dropped to 6.58% from 6.62%. Inflation will remain well above the bank’s target of 5% this year, the governor of the Central Bank, Erdem Basci said this week. Inflation will reach its peak in May but will start to come down afterwards, according to the governor.

The participants of the Central Bank survey expect consumer prices to rise 0.76% m/m in April while CPI inflation is seen at 0.59% m/m in May.

Respondents of the survey revised their end-year current account deficit expectations down to USD 50.7bn from USD 51.9bn while GDP growth expectations for 2014 edged up to 2.7% from 2.6% but 2015 expectations remained unchanged at 3.7%. The Turkish economy’s GDP growth may be slightly below the government’s forecast of 4% this year, according to Basci who does not see any need to cut the growth forecast. The IMF, however, this month lowered its 2014 growth forecast for Turkey to 2.3% from a previous 3.5%, citing slowdown in private consumption, exchange rate adjustment and interest rate hike.

  Jan Feb Mar Apr
End-Year Inflation (%) 7,44 7,92 7,98 8,12
12-Month Ahead Inflation (%) 7,06 7,21 7,31 7,22
End-Year Current Account Deficit (USD bn) -55,8 -52,8 -51,9 -50,7
End-Year GDP Growth (%) 3,2 2,8 2,6 2,7
2015 GDP Growth (%) 3,9 3,8 3,7 3,7
Source: tcmb        
Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

Despite local elections defeat Erdogan “remains in control” at head of “super-executive regime”, says analyst

Despite his AKP party’s defeat in the weekend’s local elections, Turkish President ... more

Upcoming local elections in Turkey neither free nor fair says EU-Turkey Civic Commission

The upcoming March 31 local elections in Turkey will be neither free nor fair, according to the EU-Turkey Civic Commission (EUTCC), a non-governmental organisation (NGO) backed by Kurdish groups. ... ... more

Turkish footwear manufacturers step up investments in Uzbekistan’s leather and footwear industries

Turkish footwear manufacturers are stepping up their investments in Uzbekistan’s leather and footwear industries, according to local reports. A $1mn investment in the manufacture of leather, ... more

Follow Us On

Most Read

  1. Ukraine's birth rate plummets to 300-year low as country’s population collapses
    8 days ago
  2. EU finally boosts defence investment into arms production as Ukraine runs out of ammo
    1 month ago
  3. Don't mention the "D" word - Ukraine
    5 days ago
  4. The 'wet-bulb' set to kill hundreds of thousands of people if temperatures and humidity levels continue to rise
    3 days ago
  5. Europe unlikely to tackle Russian LNG imports anytime soon
    3 days ago
  1. Russia could pay off its entire external debt tomorrow, in cash
    26 days ago
  2. Speculation swirls of “Men in Blue” in Crocus City Hall terrorist attack linked to FSB
    30 days ago
  3. Albanians campaign on social media to keep bus bridge created in freak accident
    1 year ago
  4. BRICS announce a blockchain-based payment system to create a common currency
    28 days ago
  5. Saudi Arabia to scale back plans for Neom city
    15 days ago

Reports

Dismiss