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.

Read in IntelliNews Pro
Get IntelliNews Pro

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

Most Read

  1. KRUK REPORT: Is Ukraine changing its Donbas policies?
    6 days ago
  2. Poland rises, Croatia surprises on CEE Fast 50
    2 days ago
  3. MOSCOW BLOG: Russia’s import substitution has not been a great success
    9 days ago
  4. Russia's trade with China up 22% to $61bn
    3 days ago
  5. Putin aide: Bringing Azerbaijan under Kremlin's influence would solve Nagorno-Karabakh conflict
    3 days ago
  1. STOLYPIN: Russia balances wargames with mindgames in Zapad exercises
    29 days ago
  2. Russia to bring in record breaking harvest of 127mn tonnes
    20 days ago
  3. Investors ask which Russian bank domino will be the next to topple
    26 days ago
  4. Eastern Europe’s blockchain revolution
    14 days ago
  5. INTERVIEW: de Villepin says Ukraine should declare itself neutral
    11 days ago

Selected articles from our premium news/views wire IntelliNews Pro

Login to IntelliNews Pro
Get IntelliNews Pro

Reports

Dismiss