Turkey’s economy minister Zafer Caglayan said on Monday that first quarter GDP figures would not be very bright but April industrial production data was promising. Turkey’s GDP is expected to grow 2.2% y/y in Q1, according to a CNBC-e poll of economists.
The calendar adjusted industrial production increased 3.4% y/y in April, the statistics institute said on Monday. Turkey’s rate of GDP growth slowed from 8.8% in 2011 to 2.2% last year. Turkey’s economy expanded 1.4% y/y in Q4/2012. While political uncertainty poses downside risks to GDP growth Deputy PM and government spokesman Bulent Arinc said on Monday that PM Recep Tayyip Erdogan agreed to meet on Wednesday with a delegation representing the protestors.
The government’s GDP growth forecast for 2013 is 4%. Last month, The Organization for Economic Co-operation and Development (OECD) cut its 2013 GDP growth estimate for the Turkish economy to 3.1% from 4.1%. Also in April, the IMF trimmed its 2013 GDP growth forecast for the Turkish economy to 3.4% from 3.5%.
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