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...
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Turkish economy
Tag: Turkish economy
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)...
Consumer confidence hits historic low
The consumer confidence index decreased to 68.9 in December, down 3.1% from 71.1 in November, and hit an all-time low, according to the Turkish Statistical Institute (TurkStat). The index is a vital gauge of the economy’s overall performance, indicating people’s sentiments on financial standing and the general economic situation, along with expenditure and saving tendencies....