Turkey’s economy to grow 5 percent in 2022: Poll

Istanbul, Turkey  –  Turkey’s economy will grow 5 percent in 2022 and 4 percent in the third quarter, a Reuters poll showed on Monday. 

The country’s central bank has resorted to an easing cycle to counter an economic slowdown despite soaring inflation.

In 2021,  Turkey’s economy rebounded from the COVID-19 pandemic to grow 11.4 percent. With strong domestic demand and exports, it grew 7.5 percent in the first quarter and 7.6 percent in the second.

According to the median estimate of 13 economists participating in the Reuters poll,  Turkey’s gross domestic product (GDP) growth was expected to stand at 4 percent year-on-year in the third quarter, 

The median estimate of 13 economists for GDP growth in 2022 stood at 5 percent. 

In his economic program over the past 14 months, President Erdogan has prioritized growth and exports and focused on shoring up chronic current account deficits rather than raising interest rates.

The central bank cut rates again in August, by another 500 basis points to 9 percent, citing signs of an economic slowdown for its easing.

The Turkish Statistical Institute will announce Q3 GDP growth data at 0700 GMT on November 30.