The Turkish economy economy grew 7.6% year-on-year in the second quarter of 2022, according to the Turkish Statistical Institute (TurkStat). The country’s gross domestic product (GDP) at current prices surged 114.6% to TRY 3.4tr (USD 219.3bn) in the April-June period, TurkStat said. During this period, while the annual sectoral growth was 7.8% in industry and...
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The year-end inflation expectation rose to 57.92%, according to the results of the Market Participants Survey for May by Central Bank. The figure was 46.44% in the previous month’s survey. The CPI expectation for 24 months later, also increased from 17.68% to 19.54%. The participants’ current year-end USD/TRY expectation also rose from 16.85 in the...
World Bank downgrades Turkey’s GDP growth forecast to 1.4%
The World Bank has downgraded Turkey’s GDP (Gross Domestic Product) growth forecast to 1.4% for 2022 in its latest report due to the Russia-Ukraine war and internal dynamics. The ECA (Europe and Central Asia) Economic Update report said the country wouldn’t maintain its GDP growth of 11.0% in 2021. “The war in Ukraine is exacerbating...
Economy grew by 11% in 2021
The Turkish economy grew by 11% year-on-year in 2021 in line with market expectations, according to the Turkish Statistical Institute (TurkStat). “Gross domestic product at current prices increased by 42.8% and reached TRY 7.2tr (nearly USD 518bn) in 2021 compared with the previous year,” TurkStat said in its latest report. The gross domestic product (GDP)...