Economic Growth and Forecasts: October 2020

Signs of Strong Recovery

Ozan Bakış, Gökhan Dilek

In the light of fully-released July and August, and partially released September leading indicators, we expect GDP to expand by 4.5 percent on a year-on-year basis for the third quarter of 2020. According to seasonal and calendar adjusted data, we forecast quarter-on-quarter GDP growth as 11.0 percent for the third quarter.

Nearly all of the leading indicators record significant increases. The normalization steps taken at the start of the June supported the Turkish economy. The increase in our GDP forecast for October compared to the previous forecast is just a reflection of this situation.

pdf. EconomicGrowthForecasts2020M10