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October 17, 2024
The moderation in domestic demand continues, while the production side demonstrates a clearer worsening trend in 3Q. We expect GDP growth to be 3.2% and retreat further to 2.7% on restrictive monetary policy, tight financial conditions and expected fiscal consolidation in 2025.
September 17, 2024
Economic activity continued to weaken on tighter financial conditions and demand may slow down further in 3Q. We have updated our 2024 growth forecast to 3.2% from 3.5% on base effects, and our 2025 growth forecast to 2.7% from 3.5% on the lagged impact of restrictive monetary stance and fiscal consolidation.
September 2, 2024
Turkish economy grew by 0.1% q/q and 2.5% y/y in 2Q24. Significant revisions in both 2023 and 1Q24 resulted in a moderation of the quarterly growth path with 0.1% growth in 2Q24 after 1.4% in 1Q24 (vs. 2.4% before revision) in contrast with our previous mild contraction expectation.
August 14, 2024
Weak performance recorded in the economic activity in 2Q24, points to the higher-than-expected impact of bridge day effects. Excluding these effects, the contraction in activity becomes moderate but still higher than our expectation. We assess that the risks to our 3.5% growth forecast for 2024 start to be to the downside.
July 19, 2024
The economic activity decelerates further especially driven by the weakening in industry. Aggregate demand remains stronger than supply, keeping inflationary pressures alive. Risks would be on the upside for our 2024 GDP forecast of 3.5%, considering the strong performance in 1H24 and continuing supportive fiscal stance.
June 13, 2024
After the strong growth performance (2.4% q/q) in 1Q24, our monthly GDP indicator nowcasts 0-0.5% quarterly growth in 2Q24. Considering the strong performance of 1H24, risks start to be tilted slightly to the upside for our 2024 GDP forecast of 3.5%. Yet, lagged effects might put 2025 GDP growth under pressure.
May 31, 2024
Turkish economy grew by 5.7% y/y in 1Q above the market consensus of 5.5% but lower than our expectation of 6%. Given the strong performance of 1H24 and lagged effects of expected fiscal consolidation and monetary policy, risks start to be tilted to the upside for our 2024 GDP forecast of 3.5%.
March 15, 2024
After the strong growth performance in 2023 with 4.5% y/y, we nowcast an acceleration in GDP growth rates in 1Q24 with 5.5% annually as of March. We maintain our 2024 GDP growth forecast of 3.5% given the solid performance in 1Q, the pre-election fiscal impulse and expected capital inflows.
January 15, 2024
Industrial production (IP) fell by 1.4% m/m in seas. and cal. adj. series, while increasing by 0.2% y/y on calendar adjusted terms. GDP growth will likely materialize closer to 4.5% in 2023 but decelerate to 3-3.5% in 2024 led by monetary tightening and poor foreign demand.
November 14, 2023
Industrial production (IP) slightly fell by 0.1% m/m in seas. and cal. adj. series, corresponding to 4.0% y/y growth in cal. adj. terms. Given our soft-landing assumption with expected fiscal impulse and support from potential foreign capital inflow, we maintain our GDP growth forecast at 4.5% for 2023 and at 3.5% for 2024.
November 30, 2021
Turkish economy grew by 7.4% yoy in 3Q21, resulting in a growth rate of 11.7% in the first three quarters of the year. 2021 GDP growth will likely reach 10.5-11%, beating our current 9.5% forecast. Though, recent currency shock and accompanying tighter financial conditions will likely weigh on the downside for 2022 growth.
October 30, 2020
The advance of the GDP in Q3 (16.7% t/t; -8.7% y/y) exceeded expectations thanks, above all, to positive surprises in investment. Although domestic demand explained most of the growth (-16.1pp t/t; -4.2pp a/a), external demand also added up. The improvement in the hours worked was intense and productivity fell.
