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Turkey : Growth expected to cross well above target |
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2004-8-11
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An annual growth of 6.2 percent is expected to reach by the end of this year, well above the government’s IMF-backed target, as per the central bank survey.
Turkey targets 5 percent gross national product (GNP) growth under its $19 billion IMF loan accord, but official statistics showing strong first-quarter growth have raised expectations the country will easily surpass that goal. GNP grew by 12.4 percent year-on-year in the first quarter, well above market expectations of 8.4 percent.
The twice-monthly survey of 77 financial leaders, which the central bank uses to help determine monetary policy, previously forecast GNP growth at 6 percent by year-end. Consumer price inflation was seen at an annual rate of 10.7 percent, lower than the previous forecast of 10.9 percent. |
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