World Bank revises its 2013 growth projection for Turkey up to 4.3% from 3.6%.

By bne IntelliNews December 18, 2013

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.

Related Articles

Turkey's Erdogan renews attack on high interest rates as tool of exploitation

Turkey’s President Recep Tayyip Erdogan on May 24 returned to one of his well-worn favourite themes, renewing his attack on high interest rates. “I clearly say this: I see high interest rates ... more

More arrest warrants issued in Turkey as Erdogan continues to rule by decree

Turkey, which President Recep Tayyip Erdogan continues to govern under an indefinite state of emergency which allows him to rule by decree, on May 24 issued more arrest warrants for people allegedly ... more

Turkey issues arrest warrants for "Gulen-linked" capital markets board employees

The Turkish authorities have issued arrest warrants for 36 employees of the Turkey's capital markets board (SPK) as well as for more than 160 other people citing claimed links to US-based ... more

Register here to continue reading this article and 2 more for free or purchase 12 months full website access including the bne Magazine for just $119/year.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

To continue viewing our content you need to complete the registration process.

Please look for an email that was sent to with the subject line "Confirmation bne IntelliNews access". This email will have instructions on how to complete registration process. Please check in your "Junk" folder in case this communication was misdirected in your email system.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

If you have any questions please contact us at sales@intellinews.com

Subscribe to bne IntelliNews website and magazine

Subscribe to bne IntelliNews website and monthly magazine, the leading source of business, economic and financial news and commentary in emerging markets.

Your subscription includes:
  • Full access to the bne content daily news and features on the website
  • Newsletters direct to your mailbox
  • Print and digital subscription to the monthly bne magazine
  • Digital subscription to the weekly bne newspaper

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

bne IntelliNews
$119 per year

All prices are in US dollars net of applicable taxes.

If you have any questions please contact us at sales@intellinews.com

Register for free to read bne IntelliNews Magazine. You'll receive a free digital subscription.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

IntelliNews Pro offers daily news updates delivered to your inbox and in-depth data reports.
Get the emerging markets newswire that financial professionals trust.

"No day starts for my team without IntelliNews Pro" — UBS

Thank-you for requesting an IntelliNews Pro trial. Our team will be in contact with you shortly.

Dismiss