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...
Tag: Turkish economy
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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)...
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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....