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.
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