Economic Growth and Forecasts: May 2022

High Growth in the First Quarter
Ozan Bakış, Uğurcan Acar

In the light of fully-released January, February, and March leading indicators, we expect GDP to expand by 6.3 percent on a year-on-year basis for the first quarter of 2022. According to seasonal and calendar adjusted data, we forecast quarter-on-quarter GDP growth to be 0.8 percent.

IMF has not changed Turkey’s economic growth expectations for 2022 but has revised the global economic growth one from 4.9 percent to 4.4 percent. On the other hand, World Bank has reduced its forecast from 2 percent to 1.4 percent for the Turkish economy.

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