Economists raise 2017 Turkish growth forecast to record high

Big 5

Turkey’s economy will expand more than previously expected in 2017, thanks to strong government and consumer spending, according to a new Bloomberg survey.

Economists boosted their forecasts for the sixth month in a row and expect gross domestic product to grow 4.1 percent this year compared with 3.9 percent previously.

The economy grew by five percent in the first quarter compared to a year earlier, beating all estimates, as the government rolled out record breaking stimulus measures to help growth.

Last month, Turkey’s central bank kept all its main interest rates unchanged and said it would keep policy tight until the outlook for consumer inflation improves. Economists maintained their inflation forecasts across the board this month and continue to see consumer prices averaging 10.4 percent this year and ending the year at 9.4 percent. Source: Bloomberg