GDP growth expected in Turkey
According to Durmus Yilma, governor of the Central Bank of Turkey, GDP growth could go beyond what government estimates had previously predicted.
The government had previously expressed that it expected GDP to increase by a conservative estimate of 3.5%. This is due to its plans for medium term return growth.
Signs of stability have been returning to the Turkish economy recently. The Central Bank took the decision to keep interest rates stable in the past 2 months due to 'moderate levels of growth'. This follows 11 months of cuts which saw the overnight borrowing rate reduced by more than 10 percentage points.
Yarkin Cebeci, an economist for JPMorgan Chase & Co, told Bloomberg that "Turkish growth tends to surprise on the upside" and an increase in 5% would not be 'surprising'.
Ratings firm Moody also recently upgraded Turkey's investment outlook from stable to positive based on the country's increasing resiliency to economic change.
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