The World Bank has revised its 2013 GDP growth projection for Turkey up to 4.3% from a previous 3.6%, World Bank economist Cagdas Unal told Reuters.
The World Bank, however, lowered its 2014 growth estimate to 3.5% from a previous 4.5%.
The Turkish economy grew 4.4% y/y in Q3 after expanding 4.5% y/y in the previous quarter. Turkey’s GDP, which grew 2.2% last year, expanded 4% y/y in the first nine months of the year. The government also lowered its growth forecast for 2013 to 3.6% from a previous 4% and to 4% from a previous 5% for 2014.
The Bank says it expects CPI inflation to be 7.5% this year while revising the 2014 inflation estimate to 6.2% from 5.2%. The annual CPI inflation rate eased to 7.32% in November from the previous month’s 7.71%, according to data of the statistics institute TUIK.
The World Bank also revised its current account deficit estimate for 2013 to USD 61.1bn from a previous USD 57.2bn but lowered the 2014 estimate to USD 59.7bn from USD 61.2bn. The current account deficit, seen as the Turkish economy’s main weakness, hit USD 51.9bn in January-October up from a shortfall of USD 39.6bn in the same period of 2012. The current account deficit rose 145% y/y to USD 2.89bn in October.
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 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
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